Tax Law News and Insights

The Bottom Line The federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person and $27.22 million per married couple next year. The annual federal gift tax exclusion amount will also increase to $18,000 per person in 2024 (or $36,000 for married couples who split...

Read More

A Los Angeles County superior court judge dismissed a lawsuit that sought to invalidate Measure ULA, also called the mansion tax. Measure ULA, which took effect in April 2023, significantly increased documentary transfer tax on all real estate sales or transfers of over $5 million, with all taxes collected from...

Read More

Very interesting update on the status of the proposed Chicago transfer tax increase and a reminder that the Mayor and City Council alone cannot modify the current system. Because the City Council cannot by itself modify the City's transfer tax system, it must either seek to have the state legislature...

Read More