2013 Numbers for REG

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  • May 26, 2013 at 7:40 pm #177781
    barelystayingsane
    Member

    Looking over past topics, it seems like people are stressing knowing the 2013 numbers for the gift tax exclusion and the Section 179 deduction. What about exemptions (up to $3,900), standard deductions (up to $6,100), other deductions, etc.? Is it important to know those, as well? I’m just confused why I’ve only seen people focusing primarily on the gift taxes and Section 179 changes.

    Thanks!

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  • May 26, 2013 at 7:50 pm #414215
    J
    Member

    From my experience, those numbers were not important. Without giving away anything, concepts tested in REG that depend on some type of limitation generally are those where your limitation amount remains constant. For example, I think it would be more beneficial to understand the exemption on selling a principal residence ($500K for a married couple) that has been constant over a number of years, rather than worry about the AGI phase-out limitation for the adoption credit or something like that.

    May 26, 2013 at 11:06 pm #414216
    Anonymous
    Inactive

    totally agree with InterFC1.

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