cost basis for a residence in a trust
A husband left his wife a home that was put into a qtip trust. When she dies and the property is sold, what would be the date used to determine the cost basis?
A husband left his wife a home that was put into a qtip trust. When she dies and the property is sold, what would be the date used to determine the cost basis?
Permalink Submitted by mk foss on Fri, 2010-12-17 02:30
If there is an estate tax the year that she dies and the QTIP trust is included in her estate – the basis would be the value at her date of death.
The carryover basis rules for 2010 would indicate that the value when it went into the trust increased by improvements would be the basis – is she were to pass away this year.