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Ephesians3-14
Level 8
09-22-2023
03:23 PM
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My mother-in-law passed away this week. Her grantor trust holds title to her 4-flat (full depreciated) building. That's the only asset in the trust. The building is worth probably $500,000 right now. Her taxable estate is just the building - she has no other assets.
Does the trust get a step up to FMV?
Can the trust begin depreciating the stepped-up basis effective with the date of death?
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