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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55150
Experience:  29 years of experience practicing law, including tax and estate planning.
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Taxpayer died owning business real estate titled in s

Customer Question

Taxpayer died owning business real estate titled in his revocable trust. Trust is now irrevocable and owns the property. Will the property be stepped up in basis (in the now irrevocable trust) as it was fully depreciated prior to his death ?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.
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Yes, the property does get the basis adjusted to its fair market value as of the date of death. Being that the trust was revocable until death, it is considered owned by the taxpayer at the time of death. Only upon his death did the trust become irrevocable. Thus, because it is considered owned by taxpayer at death, the property is entitled to a basis adjustment. :)
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