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Selling of Trust Assets while the original Grantor still alive

khorshed
Level 4

My client became an execuator of a trust in Jan 2021, Grandma (grantor, she's still alive) created the trust in 1997 and was the execuator all these years until Jan 2021. My client sold the rental property in Sep 2021. What should be the basis of the rental property? is it the original purchase price plus adjustment? or stepped up FMV?

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1 Best Answer

Accepted Solutions
IRonMaN
Level 15

Since nobody died, you aren't going to be getting any step up.


Slava Ukraini!

View solution in original post

4 Comments 4
IRonMaN
Level 15

Since nobody died, you aren't going to be getting any step up.


Slava Ukraini!
sjrcpa
Level 15

Trusts have Trustees. Estates have Executors.

The more I know, the more I don't know.
rbynaker
Level 13

@khorshed wrote:

is it the original purchase price plus adjustment?


This, minus depreciation allowed or allowable.

khorshed
Level 4

My Mistake. Thank you