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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 👁 8.9M

Katie St Ores CFP, ChFC, EA

1040sr for Seniors.Step by Step Walkthrough of Senior Tax Return 1040SR. New IRS Form 1040-SR

⏲ 10 minutes 32 seconds 👁 53.8K

Jason D. Knott

IRS Form 1040-SR vs Form 1040...What's the Difference?

⏲ 5 minutes 11 seconds 👁 2.5K

At a Senate Finance Committee hearing prior to the Congressional recess, Sen. Bill Cassidy (R-LA) questioned IRS Commissioner Danny Werfel about efforts to capture fraud.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

'Is The IRS Doing Any Of That?': Bill Cassidy Grills IRS Chief About Efforts To Capture Fraud

⏲ 7:44 👁 4.8M

Drake Software

⏲ 1 minute 48 seconds 👁 2.8K

Katie St Ores CFP, ChFC, EA

1040SR New IRS Form 1040-SR for Seniors 65 or over

⏲ 6 minutes 47 seconds 👁 432

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 👁 1.5M

Tom Leeman

How to find Form 1040 SR Individual Senior Tax return online

⏲ 1 minute 6 seconds 👁 1.5K

Tom Leeman

How to find the instructions for 1040 and 1040 SR online

⏲ 1 minute 24 seconds 👁 124

At a Senate Finance Committee hearing prior to the Congressional recess, Sen. Todd Young (R-IN) questioned IRS Commissioner Danny Werfel about the failure of constituents to get service.<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/><br/>Stay Connected<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com

IRS Commissioner Danny Werfel Asked Point Blank About Poor Customer Service For Taxpayers

⏲ 5:4 👁 1.4M

Money Instructor

How to Fill Out Form 1040 for 2023 | Taxes 2024 | Money Instructor

⏲ 12 minutes 47 seconds 👁 27.4K

Tax Teach

How to fill out Form 1040 (single taxpayer)

⏲ 13 minutes 11 seconds 👁 51.1K

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