Hello. I sold an inherited house in 2024 that passed from a revocable trust to the deceased beneficiary's estate and then finally to me. I'm asking for guidance ... do I qualify for a stepped-up basis?
Details:
1) In Sep2015, "Mary" placed the house in her revocable trust.
2) In Sep2021, Mary died. Mary's trust named her son "Dan" to receive the house upon her death.
3) In Nov2022, Dan died before he signed the paper to transfer the house from the trust into his name.
4) In May2023, thru the court, the trustee transferred the house into Dan's estate.
5) In Dec2023, when Dan's probate closed, the house was awarded to me as Dan's sole beneficiary.
6) I sold the house in May2024.
Do I get a stepped-up basis, and if so, which death date should I use to determine FMV? Thanks for your help.
