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Level 1

Question

1041 schedule D Basis

Forum|Forum|2 years ago
March 18, 2024
2 replies
0 views

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

Level 15

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

Level 15

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.

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Level 15

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.