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My parents live in Florida and a while back created a revocable living trust (grantor trust) which included an investment account currently worth about $200K.
My dad has recently passed away and we are trying to find out how much of this investment account can my mom adjust cost basis on (cost basis step-up). From the research I did, since Florida is a non common property state, she can only do cost basis adjustment on 50% of the shares in the account. However, else where I read that she can do 100%.
I have not been able to find a definitive answer on the IRS or any articles that I have read.
Can someone chime in and point me to a resource that would better explain this or let me know if she is eligible to adjust 50% or 100% of the account in terms of cost basis step-up.
Thanks.
-AP_
My dad has recently passed away and we are trying to find out how much of this investment account can my mom adjust cost basis on (cost basis step-up). From the research I did, since Florida is a non common property state, she can only do cost basis adjustment on 50% of the shares in the account. However, else where I read that she can do 100%.
I have not been able to find a definitive answer on the IRS or any articles that I have read.
Can someone chime in and point me to a resource that would better explain this or let me know if she is eligible to adjust 50% or 100% of the account in terms of cost basis step-up.
Thanks.
-AP_