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The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 9.6M
ClearValue Tax
IRS Tax Refund Update - Delays and Smaller Refunds
⏲ 6 minutes 16 seconds 👁 101K
Kathleen Dooley
Demo Qualified Dividends WS
⏲ 15 minutes 👁 2.1K
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 4.1M
The Tax Geek
Why is my state tax refund taxable?
⏲ 7 minutes 2 seconds 👁 2.9K
ClearValue Tax
You are NOT Required to File a Tax Return in These Situations
⏲ 13 minutes 6 seconds 👁 70.5K
There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.
Ways Retirees Can Defuse A Retirement Savings Tax Bomb
⏲ 3:0 👁 6.3M
Jason D. Knott
IRS Form 1099-DIV with Foreign Taxes Paid - Foreign Tax Credit Form 1116
⏲ 17 minutes 6 seconds 👁 1.2K
Jason D. Knott
How to File a Final Form 1120-S for the 2023 Tax Year - Step-by-Step Guide
⏲ 29 minutes 32 seconds 👁 1.6K
The Inland Revenue Board (LHDN) regularly monitors its data to identify companies and individuals who do not pay taxes.<br/><br/>LHDN chief executive officer Datuk Dr Abu Tariq Jamaluddin said the revenue-collecting agency has a legal right to take stern action, such as conducting searches on premises.<br/><br/>Read more at https://shorturl.at/bCG03<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline
LHDN monitors data regularly to identify non-taxpayers, says CEO
⏲ 2:29 👁 66M
How To Taxes
How to fill out 2019 Form 1040 Tax Return line by line instructions
⏲ 10 minutes 52 seconds 👁 15.5K
Jason D. Knott
Form 1040 Gambling Winnings and Losses
⏲ 8 minutes 59 seconds 👁 16.1K
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