Can a loss on the sale of a personal house (home of decedent and in the trust) be passed on to the beneficiaries on the K-1s? The FMV of house, selling price, and expenses of sale generates a loss. Or, because the home was the primary residence of the deceased, does the loss stay with the Trust and not passed through to beneficiaries?
It is my understanding that irrevocable trusts do not allow the stepped-up basis, I was not aware that other kinds of trusts do not allow a stepped-up basis. You are correct I have a revocable trust. The fact that the house was the personal residence of the grantor...does that have any effect on the stepped-up basis? Thank You
No it does not.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
