Question
BASIS PROPERTY TRANSFER TO TRUST
One of my client owned a condo where he lived. He passed away many years ago. However, some years before his death, he created a trust and transferred his condo to the trust.
At present time the trust sold the property. The QUESTION IS:
a) THE BASIS OF PROPERTY SOLD IS THE SAME AS OWNER'S BASIS.
b) THE BASIS OF PROPERTY SOLD IS THE FMV OF THE CONDO AT THE TIME OF TRANSFER.
Any idea will be helpful
