khorshed
Level 4
01-25-2022
08:26 PM
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My client became an execuator of a trust in Jan 2021, Grandma (grantor, she's still alive) created the trust in 1997 and was the execuator all these years until Jan 2021. My client sold the rental property in Sep 2021. What should be the basis of the rental property? is it the original purchase price plus adjustment? or stepped up FMV?
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IRonMaN
Level 15
01-25-2022
08:37 PM
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Since nobody died, you aren't going to be getting any step up.
Slava Ukraini!
sjrcpa
Level 15
01-25-2022
08:48 PM
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Trusts have Trustees. Estates have Executors.
The more I know the more I don’t know.
khorshed
Level 4
01-26-2022
11:12 AM
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My Mistake. Thank you
