Discussion:Stock basis--coming from trust
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Discussion Forum Index --> Basic Tax Questions --> Stock basis--coming from trust
Discussion Forum Index --> Tax Questions --> Stock basis--coming from trust
| 18 February 2008 | |
| A trust was set up at the death of a Mom. During her lifetime, the income was used for the benefit of a daughter. K-1 income was reported annually to daughter on prior tax returns. When daughter died, trust was distributed to grandkids. Attorney maintains that stock should get step up to daughters date of death. We disagree. | |
| 18 February 2008 | |
| Basic way to tell is to read the document and see if daughter had the power to take principal from the trust. If so, trust assets would be includable in her estate and stepped up on death. Other things could make the trust includable as well, but that is the most likely. | |
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