Upon research, the IRS recently released new individual income tax brackets for 2020. While there are no changes to the gift exclusion, as it remains at $15,000 annually, the lifetime gift and estate tax exemption is rising to $11.58 million per individual. The new Health Savings Account limit of $3,550 for individual accounts and $7,100 for family plans. The new 401(k) yearly contribution limit is $19,500. If you’re able, put a little more away for retirement!
To read more about what we wrote, and to see even more information on 2020 tax updates, check out this link: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020
If you or your friends, family or co-workers are interested in buying or selling a home, please feel free to reach out anytime. We would be happy to have a conversation about your financial goals related to real estate!