Tax Law Changes in 2026: Expiration of the 2017 Tax Cuts and Jobs Act

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CunninghamLegal

Күн бұрын

Пікірлер: 26

@tomatodo8334 6 ай бұрын

GDP should be measured in Trillions not Billions

@stephen60078 6 ай бұрын

It is a typo, but speaker unconsciously speaking into Billions as if it is a billions... LOL I hope he corrects that soon, LOL.

@CunninghamLegal 6 ай бұрын

You are correct, that was a typo. Thanks for catching it! GDP should be measured in Trillions not Billions.

@Bondbeer 6 ай бұрын

1. No one knows what will happen in 2026. It could revert or be extended. Can’t assume either. 2. In low brackets the difference is minimal if below AMT and standard deduction

@CunninghamLegal 6 ай бұрын

That's true, we can't see into the future. The purpose of this webinar is to explain what will happen if the 2017 Tax Cuts and Jobs Act expires and there is no additional legislation.

@Bondbeer 6 ай бұрын

Every state is different on tax of IRA withdrawals. For example in MA you get a tax deduction when contributing to 401ks but not IRAs so upon distribution you pay tax on 401k withdrawals but only pay tax on the IRA gains not the contributions to the extent they were already taxed in MA.

@CunninghamLegal 6 ай бұрын

We are a California estate planning law firm, so our content is focused on California law. In California, money withdrawn from pensions and 401(k)s, 403(b)s and IRAs is combined and taxed as regular income.

@joemccarty2061 3 ай бұрын

If/When the TCJA expires, do you have any idea what the income thresholds will be? I know the brackets will be exactly as they were in 2017, but I assume the income thresholds will be adjusted for the past 9 years of inflation. Am I correct in this assumption and do you know what those thresholds eight be?

@CunninghamLegal 3 ай бұрын

Income tax brackets revert to pre-TCJA and are adjusted for inflation. We won’t know what the 2026 numbers will be until later in 2025.

@cherylvickers1311 4 ай бұрын

so if my parents have money to give to their children. mom dies before Dad. When Dad dies, do they get $14 million or just $7M tax exemption?

@CunninghamLegal 4 ай бұрын

If Dad dies in 2024, $13.61M exemption (assuming no prior taxable gifts from Dad). Dad can file for “Portability” and pick up Mom’s “Deceased Spouse Unused Exemption Amount” (DSUE). The law is scheduled to sunset at the end of 2025 so that in 2026 the $13.61M Exemption goes down to about $7M.

@kencarroll1821 6 ай бұрын

I believe bonus depreciation for 2023 is 80%

@CunninghamLegal 6 ай бұрын

Bonus depreciation, which is generally taken after the Section 179 spending cap is reached, will continue to phase down from 80% in 2023 to 60% in 2024. Bonus depreciation will continue to ramp down for ensuing years: 40% for 2025, 20% for 2026, and 0% beginning in 2027.