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Submitted By: someone
Answered: September 11, 2017 11:22 pm
Answered: September 11, 2017 11:22 pm
I put property in a living trust. Will that property receive a stepped up basis when I die?
When property is transferred from a living (revocable) trust to a beneficiary on the death of the grantor, the beneficiary receives a stepped-up basis. Any appreciation after the grantor’s death is taxable to the beneficiary when he/she sells the property.
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Tax Glossary
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
