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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.
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filemytaxesonline
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Form1099Online
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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.
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Mr Short Dollars
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Form1099Online
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During a House Appropriations Committee hearing on Tuesday, Rep. Sanford Bishop (D-GA) questioned Internal Revenue Service Commissioner Danny Werfel about the workforce of the IRS, using AI and speeding up paper returns.<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
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Λsk Λbout Essentials
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Form1099Online
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Sales of iPad Pro M4 and ipad Air<br/>2024 have started worldwide<br/><br/>Prices<br/>iPad Pro 11, 256 GB: from $999<br/>iPad Pro 11, 512 GB: from $1,199<br/>iPad Pro 11, 1 TB: from $1,599<br/>iPad Pro 11, 2 TB: from $1,999<br/>iPad Pro 13, 256 GB: from $1,299<br/>iPad Pro 13, 512 GB: from $1,499<br/>iPad Pro 13, 1 TB: from $1,899<br/>iPad Pro 13, 2 TB: from $2,299<br/>iPad Air 11,128 GB: from $599<br/>iPad Air 11,256 GB: from $699<br/>iPad Air 11, 512 GB: from $899<br/>iPad Air 11, 1 TB: from $1099<br/>iPad Air 13, 128 GB: from $799<br/>iPad Air 13, 256 GB: from $899<br/>iPad Air 13, 512 GB: from $1099
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Jason D. Knott
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Teach Me! Personal Finance
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