Stepped-up basis a blessing for real estate inheritors

Little or no taxes owed government after sale

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DEAR BOB: As you have suggested a zillion times over the years, my mother transferred the title to her luxury condo into her living trust. I was her successor trustee and her only heir. She passed away last February. As you said it would be, transferring title into my name without probate was easy (although I wasted about $750 for an attorney to advise me). But my question involves the "stepped-up basis" for inherited property. I decided to sell the condo. The net sales price in June was about $665,000. However, mother only paid $220,000 for her condo. Because her title was in a living trust, am I entitled to the stepped-up basis of about $665,000? Do I need an appraisal? – Denise T. DEAR DENISE: I'm glad to learn your mother's living trust avoided probate court costs and delays for you. That is the primary living-trust purpose. Purchase Bob Bruss reports online. But a secondary purpose is you, as successor trustee, could have managed her living-trust assets if your mother be...