How this key tax law can save your heirs thousands in capital gains tax
Do you lose the step up basis if the property is in an irrevocablr trust because it is now not part of the deceased taxable estate.
Anyhthing i can do to put in irrevocable and keep it part of my taxable estate?
I have the same question - also what if the house is in an irrevocable trust and it is sold while my dad and his 2nd wife) are still living?
Your home asset example for the step-up in basis rule is quite clear. But does this also apply to investments, such as equities, mutual funds, etc., which your loved one may have left to you either in a will or trust?
Do you lose the step up basis if the property is in an irrevocablr trust because it is now not part of the deceased taxable estate.
Anyhthing i can do to put in irrevocable and keep it part of my taxable estate?
I have the same question - also what if the house is in an irrevocable trust and it is sold while my dad and his 2nd wife) are still living?
Your home asset example for the step-up in basis rule is quite clear. But does this also apply to investments, such as equities, mutual funds, etc., which your loved one may have left to you either in a will or trust?