taxguessingguy
Level 2
02-03-2022
09:31 PM
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Hi, Oh yes it was a Revocable Trust.
Properties sold were not Rental Properties.
The depreciation I mentioned was for the residential house sold. Cost plus improvements less depreciation to get the adjusted basis.
I'm wondering if this would qualify for a step-up basis?
These properties were sold with the intention of distributing the proceeds to his 5 children equally.