IRS Increases Tax Breaks for Gifts, Estates and Capital Gains

Man puts money in his pocket
Dean Drobot /

The income thresholds that trigger some important taxes are changing in 2023, the IRS has announced. The agency is making the changes to account for inflation. The moves will mostly impact wealthy taxpayers, although some folks in the middle class also likely will benefit. Following are definitions of the three key taxes that are impacted and explanations of what will be new in 2023.