Money

IRS Increases Tax Breaks for Gifts, Estates and Capital Gains

Happy woman hugging a large piggy bank
David Prado Perucha / Shutterstock.com

The income thresholds that trigger some potentially large taxes are changing for 2024. The IRS is making the changes, known as cost-of-living adjustments, to account for inflation. The moves will mostly impact wealthy taxpayers, although some folks in the middle class also likely will benefit. Following are definitions of three key types of taxes and explanations of how they are changing for the…


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