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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Since nobody died, you aren't going to be getting any step up.
Since nobody died, you aren't going to be getting any step up.
Trusts have Trustees. Estates have Executors.
My Mistake. Thank you
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