Potato Grower

April 2018

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WWW.POTATOGROWER.COM 15 170758TriMfg12h.indd 1 2/16/18 2:27 PM NET OPERATING LOSSES Net operating losses (NOLs) are now limited to 80 percent of taxable income. The ability for individuals and entities alike to carry back these losses two years and forward 20 has been repealed (non-farmers only). NOLs will now only carry forward, indefinitely, for most entities. Farmers will have the ability to carry back losses two years, reduced from a five-year carryback. Contact Wipfli CPAs and Consultants at www.wipfli.com. ESTATE AND GIFT The basic estate and gift tax exclusion from income has increased from $5.6 million in 2017 to $11.2 million beginning in 2018. This means that a married couple could pass away with an estate worth anything less than $22.4 million and pay no estate tax. That same couple could gift that amount away as well with no tax consequence. This is scheduled to revert to $5.6 million (indexed for inflation) in 2026. The annual gift exclusion (or the ability to gift an annual amount without reducing an individual's lifetime exclusion) has increased from $14,000 to $15,000.

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