IRS plans to Index Capital Gains for Inflation

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Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina on July 2018 that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation (indexing) in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells, therefore reducing the amount computed representing capital gain.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

Further details on the IRS plans to Index Capital Gains for Inflation visit: https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html

 

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Published by Carlos Nazario