Selling of Trust Assets while the original Grantor still alive

[khorshed]

My client became an execuator of a trust in Jan 2021, Grandma (grantor, she's still alive) created the trust in 1997 and was the execuator all these years until Jan 2021. My client sold the rental property in Sep 2021. What should be the basis of the rental property? is it the original purchase price plus adjustment? or stepped up FMV?

[IRonMaN · Accepted solution]

Since nobody died, you aren't going to be getting any step up.

[sjrcpa]

Trusts have Trustees. Estates have Executors.

[rbynaker]

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@khorshed wrote:

is it the original purchase price plus adjustment?

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This, minus depreciation allowed or allowable.

[khorshed]

My Mistake. Thank you