How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Anne Your Own Question
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2429
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
5242771
Type Your Tax Question Here...
Anne is online now
A new question is answered every 9 seconds

A taxpayer passes away. Her assets, which are in a trust are

This answer was rated:

A taxpayer passes away. Her assets, which are in a trust are transferred to a 501(c) (3) foundation. Is the foundation's basis her basis as of the date of death?

Anne :

Hi

Anne :

Thank you for using justanswer

Anne :

Your answer lies in the type of trust you're speaking about

Anne :

Most of the trusts I work with were revocable, turning irrevocable on the date of death. If this is the kind of trust you have, then yes, the basis is the stepped up basis on the date of death

Anne :

Your fist step is to find out what kind of trust you are working with..

Anne :

The trustee or estate attorney should know what kind of trust it is and whether a "step-up" to market value at the date of death (or six months later) is applicable to the trust that is making the distribution.

Anne :

I hope this helps.

Anne :

I must leave the forum for a while. I will check back later today, If you still need help please leave your question here so that I can help you when I return to the forum

Anne and 2 other Tax Specialists are ready to help you
Thank you for the excellent rating!

Please feel free to ask for me by name by putting "for Anne" in the question line if I can help you in the future.