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My wife's father set up a trust at the time of his death in the '70's and the bank trustee bought stocks over the years. When my wife's mom passed away in 2007, the stocks were divided among her brothers and sisters. If my wife sells a stock, does she use the cost basis the Trust had when they acquired the stock or a stepped-up basis at her mom's date of death?
I came across an old post that indicates my wife's basis is the same as the Trust, and just wanted to check with others:
"If the trust was established by her father and are not included in the mother's estate, then the assets come up at whatever basis the trust has in them."
Thanks for any guidance.
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