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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 👁 3.9M

Bri u0026 Nathan Collins

How To Easily Check Your Tax Return Status!

⏲ 1 minute 36 seconds 👁 8.1K

UI Vlogs 2021

2024 IRS TAX REFUND UPDAT3 - NEW Refunds Approved, Delays, Notices, Assistance, Tax Transcript

⏲ 4 minutes 11 seconds 👁 331

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 👁 3.8M

ClearValue Tax

IRS Tax Refund Update - Delays and Smaller Refunds

⏲ 6 minutes 16 seconds 👁 101.8K

PlayRightParent

How To Check Your Tax Refund Status

⏲ 56 seconds 👁 8.6K

British luxury automobile manufacturer, Jaguar Land Rover, has reported a pre-tax profit of £2.2bn, marking its highest since 2015. The uptick in returns has been attributed to thriving global demand for the company's luxury models, particularly the Defender and Range Rover models manufactured at its Solihull factory.

Jaguar Land Rover sees record profits on global demand

⏲ 1:0 👁 7.9M

IRSvideos

Where’s My Tax Refund?

⏲ 1 minute 21 seconds 👁 33.8K

CBS4 Indy

Tracking your state tax refund status

⏲ 38 seconds 👁 1.3K

Warren Buffett has been selling more stocks than buying from Berkshire Hathaway's portfolio for the last 6 quarters, including selling a portion of his Apple stake and all of his Paramount shares. Buffett trimmed 13% of Berkshire's Apple position, still the largest holding, to take tax losses now ahead of potential future tax increases. Berkshire no longer sees Paramount as having the right assets to be a successful entertainment company. Berkshire's main stock purchases were adding to its Liberty SiriusXM tracking stock position and Occidental Petroleum stake.

Warren Buffet's Berkshire Hathaway Sheds Apple, Paramount Stock

⏲ 0:35 👁 3.2M

CPA Consultants

IRS Transcript - How to get transcripts and copies of tax returns from IRS

⏲ 9 minutes 46 seconds 👁 45K

Wolters Kluwer Tax u0026 Accounting US

Electronic Filing: Finding Your Tracking Number & EFIN in the IRS e-File Application Summary

⏲ 2 minutes 4 seconds 👁 6.1K

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