[WSBAPT] Step up basis - revocable trust

[Josh Grant]

Client and wife put W’s separate farm land in a revocable trust years ago.
W died.  Farm land sold for more than it was probably worth when put into
TRust.  Clients have never obtained a separate TIN for revocable trust.
Client’s tax advisor is saying that there will be a capital gain.  Because
of some irregularities in the QCD into the trust, we did an estate for W;
and the sale deed recited both the revocable trust and the estate as
grantor.
 
Capital gains?
 
Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734


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