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- Re: BASIS PROPERTY TRANSFER TO TRUST
BASIS PROPERTY TRANSFER TO TRUST
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carlosaldana
Level 1
09-14-2021
02:14 PM
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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
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1 Comment 1
IRonMaN
Level 15
09-14-2021
02:19 PM
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At the time it was transferred, was the trust revocable or irrevocable?
Slava Ukraini!
