Do irrevocable trusts get a step up in basis at death?

Do irrevocable trusts get a step up in basis at death?

But assets in an irrevocable trust generally don’t get a step up in basis. Instead, the grantor’s taxable gains are passed on to heirs when the assets are sold. Revocable trusts, like assets held outside a trust, do get a step up in basis so that any gains are based on the asset’s value when the grantor dies. Jul 14, 2021