When my mom passed in 2020 property was placed in a trust. Now two years later the trust transferred the property to me. I then sold the house. Is my stepped up cost basis the value on the date she died? Or the date I received the property from the trust?
Per Section 1014, the basis is the fair market value on the date of death assuming the trust was a standard revocable trust (a grantor trust) that became irrevocable on the date your mom passed away.
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