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Is there a stepped-up basis from a trust?

Greta
Level 9

Deceased client left a trust to heirs. Do heirs get a stepped-up basis?

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TaxGuyBill
Level 15

It depends on the Trust.

Generally, a Revocable Trust would be stepped up and a Irrevocable Trust would not.  But then there are such as weird things as an Intentionally Defective Irrevocable Trust which allows the step up, so it can be tricky.

 

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TaxGuyBill
Level 15

It depends on the Trust.

Generally, a Revocable Trust would be stepped up and a Irrevocable Trust would not.  But then there are such as weird things as an Intentionally Defective Irrevocable Trust which allows the step up, so it can be tricky.