Rental Property Sale under Trust

Technical topics regarding tax preparation.
#1
clc0723  
Posts:
40
Joined:
13-Jul-2015 7:29am
Location:
Washington DC
Hi Pros,

Hope all is well!

I have a question on the sale of a rental property owned by a living trust. After the death of the grantor, the beneficiary sold the rental property soon. For calculating the capital gain, should the cost basis be the original purchase price or the step up basis of the date of death?

Thanks a lot!
 

#2
Posts:
724
Joined:
22-Sep-2014 9:25am
Location:
Farmington, Michigan
step up
Dave

Taxation is the price we pay for failing to build a civilized society. ~ Mark Skousen
 


Return to Taxation



Who is online

Users browsing this forum: alwayslost, BestQuestion, CaptCook, ChrisGCPA, Coddington, deniz, eric1032, golfinz, Google [Bot], JAD, ManVsTax, MAPCPA60, ny110010001, Seaside CPA, TaxCut, Trailman423, UnlicensedTaxPro, William S and 192 guests