step up in basis: Pittsburgh, PA: IRS Changes Rules on Some Inheritances
- 02/15/24 12:34 PM
I do tax accounting and tax resolution primarily in Pittsburgh and Western PA While you were going on with life, the IRS made a change to the tax treatment of some inheritances with Revenue Ruling 2023-2. This ruling pertains to assets held in an Irrevocable Grantor Trust. These trusts are typically set up by one's lawyer in order to protect assets from being included in a decedent's gross estate, as well as not be subject to Medicaid spend down rules or being subject to the claims of a beneficiary's creditors. A common example would be a home where one spouse has died, and the … (0 comments)
I do tax accounting and tax resolution primarily in Pittsburgh and Western PA
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