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Do Not Staple 6969 OMB No Irs  Form

Do Not Staple 6969 OMB No Irs Form

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I heard that the IRS changed the rules on getting a basis bump when you die is that true no it's not true the rules haven't changed now you may have heard that the IRS released a new Revenue ruling in March of 2023 saying that assets inside of a irrevocable trust don't qualify for a basis step up when you die this is not a new ruling what has come out is a new ruling with guidance from the IRS saying that this is the same as it's always been if it's a gift into a trust that is not included in the taxable estate of the person putting the assets in trust no basis bump this isn't always the case for irrevocable trusts if somehow those assets are included in the taxable estate of the person for estate tax purposes then guess what yeah you're going to get that basis step up this was not a change don't worry check with your advisor to be sure you're getting the right treatment

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