(The $500,000 exemption is the maximum exclusion for a married couple filing jointly; taxpayers filing individually get an exemption of up to $250,000).
The maximum penalty-free withdrawal from an IRA under the homebuyer exemption is $10,000.
This exemption is called the home-style exemption.
An exemption is included for churches.
(The $5 million gift tax exemption is separate from the gift-tax exclusion and allows anyone to make annual gifts to an unlimited number of people. For 2011, the maximum you can give one person without tax implications is $13,000).
An exemption is offered for dependent children.
To the extent that exemption is used, it reduces the estate tax exemption.
Tax exemption is legalized, including the continued tax exemptions carried over from the previous constitution.
REGRETS Given that the exemption was set to return to $1 million with a 55 percent tax rate above that, many people rushed to take advantage of the maximum gift tax exemption before the year ended.
Has some special secret exemption been granted?
