956398
You'll need to sign in or create an account to connect with an expert.
This is nothing you request to be done ... this is something you do for yourself. Gather the info from any source needed to support the new basis.
You do not request a step-up in basis, you report it as the basis for the sale on an income tax return.
In order to for the property to receive a stepped up basis, the property would need to have been included (or includible) in the decedent's estate for estate tax purposes (even if no estate tax was otherwise due). If the scenario is such that the property was simply a revocable living trust (e.g., a grantor trust), then there would generally be a step-up in basis upon the death of the grantor.
On the other hand, there would be no step-up in basis if, for example, the grantor had gifted the property into an irrevocable trust, inter vivos. The point here is you need to know how, when, and under what circumstances the property was placed in the trust.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
laquisa92
New Member
douglasjia
Level 3
johntheretiree
Level 2
LizzyPinNJ
New Member
cjr2025
New Member