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Lev
Lev, Tax Advisor
Category: Tax
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My mother died in May, 2010. She had a revocable living trust

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My mother died in May, 2010. She had a revocable living trust which consissted of stocks, bonds, etc in a brokerage account. A 100% distribution from the trust account was made in November to the beneficiaries according to terms of the trust.
I have been told that we can use any date up to 6 months from the actual date of death, for income tax calculation purposes. Is that true?
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

Hi and welcome to Just Answer!

You may not simply used any date up to 6 months from the actual date of death.

Your basis in property you inherit from a decedent is generally - the FMV of the property at the date of the individual's death.

 

The FMV on the alternate valuation date may be used if the personal representative for the estate chooses to use alternate valuation. For information on the alternate valuation date, see the instructions for Form 706 page 7 - http://www.irs.gov/pub/irs-pdf/i706.pdf

 

Please let me know if you need any help.

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