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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
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
