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- Sale of a house by Trustee after Grantor was declared incapacitated but before his death
Sale of a house by Trustee after Grantor was declared incapacitated but before his death
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CK25
Level 1
06-12-2023
10:59 AM
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Facts:
Revocable Trust was set up by husband and wife on 12/19/2001, which included their personal residence.
Wife, Grantor, passed away in 2018.
Husband, Grantor, was declared incapacitated in Jan 2022.
House was sold on 7/12/2022 and TIN was obtained by Trustee.
Questions:
When is the Trust considered an "Irrevocable Trust"?
Can the Trust use a 6/30/2023 tax year based on the date the TIN was obtained?
Does the House receive a stepped-up tax basis for Tax Purposes?
Thanks!
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1 Comment 1
sjrcpa
Level 15
06-12-2023
11:18 AM
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Probably the wife's portion became irrevocable upon her death.
Husband's portion becomes irrevocable upon his death.
Trusts have to use calendar year.
Probably 1/2 the basis of the house gets stepped up to FV as of wife's date of death.
Consult with the attorney.
Community property rules would change my "probably" answers.
The more I know, the more I don't know.
