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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 👁 29.1M

Jerry Pinkas

Vacation Homes Tax Rules - Don't Get Screwed by the IRS

⏲ 3 minutes 3 seconds 👁 7.5K

TerryLockridgeDunn

Tax Tips For Your Vacation Home or Second Residence

⏲ 2 minutes 40 seconds 👁 1.8K

Shakira may be innocent of the tax fraud charges against her, as Spanish prosecutors are now asking a second investigation into the star be dropped.

Shakira’s Second Tax Fraud Probe Dropped

⏲ 1:4 👁 5.6M

Millionacres

Second Home vs. Investment Property: What Are The Tax Differences?

⏲ 5 minutes 43 seconds 👁 3.6K

Toby Mathis Esq | Tax Planning u0026 Asset Protection

Capital Gains On 2nd Property - (Primary Home Exclusion?)

⏲ 5 minutes 23 seconds 👁 10K

Ekta Kapoor to become a mother for the second time, will she take the help of surrogacy again? Watch video to know more <br/> <br/>#EktaKapoor #EktaKapoorBaby #EktaKapoorPregnant <br/>~PR.132~

Ekta Kapoor बनने वाली है दूसरी बार मां, फिर लेंगी Surrogacy का सहारा? Ekta Kapoor Second Pregnancy

⏲ 3:3 👁 1.5M

Agents Layne Real Estate

What are the tax ramifications of selling a second home.

⏲ 1 minute 49 seconds 👁 408

Zach McDonald Seattle Real Estate

Don't Convert Your Primary Residence Into a Rental Property

⏲ 9 minutes 14 seconds 👁 20.5K

Shopify's stock price fell 19% after the company forecast slower sales growth for the second-quarter, down from previous quarters. Adjusting for the sale of its logistics business. Shopify indicated that the sale of its logistics business to Flexport would impact its future financial projections. Chief Financial Officer Jeff Hoffmeister noted that a strong U.S. dollar and weaker consumer spending in Europe, particularly in the United Kingdom, are also expected to affect the company's forward guidance. Shopify reported first-quarter revenue growth of 29%, the fourth quarter in a row exceeding 25% growth.

Shopify Stock Plummets 19% as Slower Sales Growth Forecasted for Q2Shopify Drops 19%

⏲ 0:37 👁 1.2M

MORTGAGE How Do I?

HOW DO I BUY A SECOND HOME? | MORTGAGES FOR SECOND HOMES

⏲ 7 minutes 44 seconds 👁 26.4K

The Tax Geek

Vacation Homes, Part 1:Personal Use vs. Rental Use

⏲ 5 minutes 50 seconds 👁 1.6K

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