No Step Up Basis for Capital Gains!

No Step Up Basis for Capital Gains in new ruling
0:00 No more step up in basis for capital gains purposes
0:14 Ruling 2023-2
0:30 Step up basis goes like this...
0:49 Inheriting the property at the step up basis
0:58 No capital gains due
1:06 Giving property away before you die
1:20 Triggering a capital gains event
1:31 Fraud
1:52 Taxes have to be paid on
1:55 Why is the IRS ruling so important for estate planning?
2:41 Where this ruling affects people
3:05 Irrevocable trust
3:30 Taxable estate
4:27 Slapped with a very huge capital gains tax
4:41 Talk to your tax professional
/ stephenlcortes
/ corteslawfirm
corteslawfirm.com/estateplann...

[@MrChuckwagon55]

I’ve heard from several attorneys that a properly drafted irrevocable trust can still get a step up in basis, but it’s state dependent.

[@ttulf]

I’m 4,800 subscriber 🎉🎉🎉