topic Should the basis on a house sold as part of the assets of the trust be the value at the time it went into the trust? in Business & farm

Should the basis on a house sold as part of the assets of the trust be the value at the time it went into the trust?

m-kyates — Tue, 04 Jun 2019 22:45:53 GMT

My father set up a trust so I could manage his affairs when he went into long-term care. The assets transferred to a separate pass-through trust upon his death and the deed for his home was transferred to the trust.

" the deed for his home was transferred to the trust." T...

Anonymous_ — Tue, 04 Jun 2019 22:45:57 GMT

" the deed for his home was transferred to the trust."

The basis is still the fair market value on the date of the decedent's death. See generally, IRC §1014