Quote:
Originally Posted by JoelJohnson
Correct me if I'm wrong, but if you put your house in a trust, doesn't the person that gets the house have to pay taxes on the original price of the vs the selling price (if they sell it?). If they inherit it, the property gets adjusted to current value.
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Good question. My guess is the assets in a revocable trust get a stepped up basis at the death of the person who created the trust. I think I am correct on this part. If the trust is irrevocable you do not get a step up in basis. I think I am correct but better check if this is important to you.