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Question had to be reposted due to site issue My father

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For ***** ***** only -...
For ***** ***** only - question had to be reposted due to site issue
My father recently passed. I am the trustee of his family trust and I am the sole inheritor. Among the items in the estate are seven individual stocks that if transferred to my name and sold, would have a gross value of $35K. My wife and I are retired and have a gross annual income of ~ $80K. My original fear was that taking the stock sale proceeds would raise my AGI above the limit where I would have to give back social security money. I have recently read however that the basis for the sale becomes reset to the date of my father's passing with the majority of the sale proceeds being tax free and only the difference between the new basis and the actual stock sale price being the taxable amount. Is this correct? Are there any other tax consequences that I should be aware of?
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State/Country relating to question: California
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
8/31/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,325
Experience: Certified Public Accountant
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Hi this is Mark. I am sorry for your loss. You are correct that is a step up in basis at the date of death. When did the stock become property of the trust?

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Please let me know and I will be happy to help you.

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