Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, The annual inflation rate ticked up to 3.7% in August which is a 0.5% increase from the 3.2% in July and up 0.7% from the 3.0% reading in June. The primary cause of the increase in prices in August was that energy deflation appeared to be subsiding while shelter prices declined but at too slow of a rate to offset the monthly increase in energy prices. In total, the inflation report is a mixed bag with some positive signs for the future but also some areas that should raise some concern that inflation may be more stubborn than expected. Also, The Personal Residence Exemption allows a taxpayer to exclude up to $250,000 of gain on the sale of their personal residence. A married couple may combine their exemptions to exclude a total of $500,000 in gain. However, there are several requirements that must be met to benefit from this generous tax provision. In addition, in limited cases, a taxpayer may qualify for a partial exemption even if the requirem