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IRS releases AFRs for July 2022
By Trusts & Estates Practice Group on July 5, 2022 at 9:30 AM
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for July 2022:
|
| Annual | Semiannual | Quarterly | Monthly |
| Short-term | 2.37% | 2.36% | 2.35% | 2.35% |
| Mid-term | 2.99% | 2.97% | 2.96% | 2.95% |
| Long-term | 3.22% | 3.19% | 3.18% | 3.17% |
The Section 7520 interest rate for July 2022 is 3.60 percent.
Find the full revenue ruling for July 2022 here.
In June 2022, the Federal Reserve made the decision to raise the federal funds rate by 0.75 percent. For information on how this will impact estate planning strategies, click here.