BobKamman
Level 15
04-15-2021
04:26 PM
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Maybe it was an Intentionally Defective Irrevocable Trust! (We were just talking about that yesterday . . .)
So the trust has been filing 1041's since 2007? Then you don't get stepped-up basis, and the capital gains are probably taxed to the trust, although that depends on state law and the trust document.