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Publication 4895

Property Acquired From the Decedent(p2)

Generally, section 1022 determines a recipient's basis in property, but only if the property is acquired from the decedent. Generally, property acquired from the decedent includes the following.
  1. Property acquired by bequest, devise, or inheritance, or by the decedent's estate from the decedent.
  2. Property transferred by the decedent during the decedent's lifetime to:
    1. A qualified revocable trust (as defined in section 645(b)(1)), or
    2. Any other trust with respect to which the decedent reserved the right to make any change in the enjoyment thereof through the exercise of a power to alter, amend, or terminate the trust.
  3. Any other property passing from the decedent by reason of death to the extent that such property passed without consideration.
Note.Section 1022 does not apply to a decedent's interest in a QTIP trust or similar arrangement funded for the benefit of the decedent by the decedent's predeceased spouse. A recipient's basis in this property will not be determined under section 1022.
Note.Section 1022 also does not apply to property that constitutes a right to receive an item of income in respect of a decedent under section 691.