topic Re: 1041 schedule D Basis in Get your taxes done using TurboTax

1041 schedule D Basis

Wolfcreek — Wed, 11 Feb 2026 05:48:37 GMT

Can a step up basis be used on a 1041 schedule d for the sale of an asset such as timber

M-MTax — Mon, 18 Mar 2024 16:25:33 GMT

The step up.....or down.....to FMV is used for any property acquired from a decedent.

PatriciaV — Mon, 18 Mar 2024 20:10:00 GMT

If the asset in the trust was inherited, a step-up basis might apply.

But if this is an estate return, no step-up adjustment would be made for the estate assets.

M-MTax — Mon, 18 Mar 2024 20:26:30 GMT

When decedents own property in their names then the type of return....estate or trust.....rarely matters.

There is a step up in basis for property held by the estate that was acquired from the decedent.

If the property had been held in a revocable trust there is a step up in basis when the grantor dies.