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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 👁 7.4M

The Awesome S'witty Kiwi Show

IRS Form 7202 Line-by-Line Instructions 2023: Sick Leave and Family Leave Tax Credit 🔶 TAXES S2•E50

⏲ 20 minutes 1 second 👁 22.1K

Melvin Crawley

Claim Up to $32,220 in FREE Money with Self-Employed Tax Credits! 💸💼

⏲ 10 minutes 8 seconds 👁 9.9K

Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue of more than a billion, beating analyst estimates. The company forecast a sequential rise in adjusted core profit and retail unit sales growth, surprising analysts who expected a sales decline. Adjusted earnings before interest, tax, depreciation, and amortization were more than $200 million, exceeding estimates. Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago. High interest rates have pushed some consumers to the used car market for better deals than new vehicles.

Carvana Reports Stellar Q1 Results, as High Interest Rates Push Buyers to the Used Car Market. Shares Soar 30%.

⏲ 0:35 👁 5.1M

Wall Street Journal Opinion

The Tax Revolt Returns

⏲ 6 minutes 32 seconds 👁 87K

Financial Awareness

Sick and Family Leave TAX CREDIT (Self Employed Tax Credits)

⏲ 12 minutes 40 seconds 👁 15K

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 👁 3.8M

JJ THE CPA

$36,220 Self-Employed MASSIVE Tax Credit [Don't Miss] Sick & Family Leave Tax Credit for Schedule C

⏲ 20 minutes 57 seconds 👁 113.6K

The Awesome S'witty Kiwi Show

IRS Form 720 Quarterly Federal Excise Tax Return Line-by-Line Instructions 2024 🔶 TAXES S3•E59

⏲ 27 minutes 35 seconds 👁 1.4K

During a House Ways and Means Committee hearing Tuesday, Rep. Drew Ferguson (R-GA) spoke about tax credits.<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

'The Math Doesn't Add Up': Drew Ferguson Presses Janet Yellen On Biden's 'Green Energy' Tax Credits

⏲ 5:9 👁 4.6M

Jason D. Knott

How to File California Form 540NR for a Part-Year Tax Resident

⏲ 27 minutes 9 seconds 👁 1.6K

Beykid DIY freedom

The REAL coupon remittance process

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