Question
Cost Basis for home in a trust
My friend had a revocable trust she set up in 2007 and amended in 2016. She died on August 24,2025 - the trust became irrevocable and I became the successor trustee. An EIN was established.
The deceased primary residence was in the trust and she had lived there 30 years . Here are my questions
What is the date the cost basis for the home determined?
* The original cost for the home?
*The date the trust became irrevocable? If so would the cost basis be the value of the property or comparable property at that time.
*The date the home was actually put into the Trust ( 2017) . Would I need to find a way to determine cost?
*The date a second mortgage was taken out on the home and the value of the home at that time. ( 2022)
