Ensuring beneficiaries receive stepped up cost basis for sale of parents home.
Parent passed away leaving home to five children (California). House is in a trust. Want to ensure proper tax return completed and that stepped up cost basis is incorporated so that no capital gain taxes on house. Is the sale of house incorporated into an estate tax return? And then money just distributed to five beneficiaries? Or is sale of house somehow incorporated into each of the five children’s tax returns? Thanks
