Sale To Grantor Trust Basis
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FAQ
For example: Mom and Dad create an IDGT into which they wish to transfer $500,000 worth of stock. They can either gift the stock or sell it. If they sell it to the IDGT, they need to convey enough cash into the trust to cover its down payment to them. They enter into an agreement for a monthly amount.
Most states apply a 50% step-up in basis to the deceased partner's share. So, if a $100,000 property increases in value to $200,000, a step-up applies to 50% of the appreciation, resetting its cost basis to $150,000.
Upon the death of the grantor, grantor trust status terminates, and all pre-death trust activity must be reported on the grantor's final income tax return. As mentioned earlier, the once-revocable grantor trust will now be considered a separate taxpayer, with its own income tax reporting responsibility.
IDGTs are commonly used in this context as an alternative to outright gifting. Rather than making a large gift to a child, for example, an individual could establish an IDGT for the benefit of his or her descendants and transfer assets into the trust.
Selling Assets Into the Trust For example, if Grant owns a home he purchased in 2005 for $350,000 that has since appreciated to a total value of $850,000, he would sell the home at a value of $850,000 to the IDGT. The trust gives Grant a promissory note for the total value plus the applicable federal interest rate.