Tax Information

Started or Continuing in 2015

Estate Tax

For individuals dying after 2014, the federal estate tax is increased to $5.43 million exemption and a 40 percent maximum rate.

Social Security Wage Base

The Social Security wage base is increased to $118,500.

Individual Responsibility Penalties

Penalties are assessed for each month that any individual does not have the minimum essential health insurance coverage.

Premium Tax Credits for Health Coverage

Some taxpayers who obtain health insurance coverage through a qualified marketplace may qualify for health premium tax credits to subsidize the cost of coverage.

Deduction for State and Local Income Taxes

State and local income taxes paid is no longer an itemized deduction.

Exclusion From Income of Canceled Debt on Qualified Principal Residence

Debt cancelled from the short sale, foreclosure, or mortgage modification for Qualified Principal Residences can be excluded from income under the Mortgage Forgiveness Debt Relief Act. This was extended to the end of 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016

Mike Stark

Mike Stark

Associate Broker
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