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A pen and a calculator sit on top of a 1040 tax form. ... estate tax liability. But in March 2023, the IRS announced that the step-up ... an irrevocable trust can have significant tax consequences ...
The number of income tax returns for estates and trusts (Form 1041) increased by 14.9% to 3.24 million in 2021 from 2.82 million in 2020. ... then you are dealing with an irrevocable trust and the ...
Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
Form 1040, U.S. Individual Income Tax Return; Form 1040A, U.S. Individual Income Tax Return; Form 1040EZ, Income Tax Return for Single and Joint Filers with No Dependents; Form 1041, U.S. Income Tax Return for Estates and Trusts (for 1993 and prior years, this was known as "U.S. Fiduciary Income Tax Return"); Form 1065, U.S. Return of ...
The general rule in § 1041(a) is that no gain or loss shall be recognized on a transfer of property from an individual to a spouse; [1] or a transfer of property to a former spouse if the transfer is incident to the divorce. This rule also applies on a transfer of property from a trust for the benefit of a spouse or former spouse if the ...
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