Show notes
Roger and Annie tackle a topic they've never covered before: the tax issues that come with aging, for clients and preparers alike. They break down the new senior deduction, Social Security claiming strategies across the 62/67/70 timeline, IRMAA appeals, RMD rules, and when long-term care costs are actually deductible. They close with a cautionary tale about gifting appreciated property too early and the recordkeeping every family should have in place before it's needed.SponsorsPadgett - Contact Padgett or Email Jeff PhillipsGet NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters(00:00) - Welcome and Forum Travel(00:59) - Listener Shoutouts and Podcast Origins(02:21) - Tax Talk Today Inspiration(04:23) - Senior Deductions and Filing Thresholds(07:51) - Social Security Tax Basics(08:48) - When to Claim Social Security(15:48) - Solvency Fears and Policy Fixes(20:21) - Medicare Premiums and IRMAA Appeals(22:29) - Retirement Plans and Inherited IRAs(24:57) - RMD Rules and Planning Ideas(27:29) - Long Term Care and Medical Deductions(28:25) - Senior Living Deductions(29:12) - Chronically Ill Criteria(30:35) - Spouses Insurance Statements(32:21) - Meals Fees Itemizing(34:38) - Facility Records Due Diligence(36:26) - Gifts vs Inheritance Basics(37:57) - Basis Step Up Valuations(41:43) - Estate Returns Advisory(43:32) - Gifting Appreciated Property(43:57) - Lake House Cautionary Tale(48:04) - Client Records Planning(51:01) - Bank Red Tape Death Certificates(54:21) - Advisor Role Wrap Up(55:25) - Podcast Closing UpdatesFollow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodfacebook.com/FedTaxPodlinkedin.com/showcase/fedtaxpodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of Earmark MediaThe full transcript for this episode is available by clicking on the Transcript tab at the top of this pageAll content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.