Markest1
New Member

Determine FMV of home in trust with life lease tenant

My father in law passed away in 2012 .  His home is in a trust in his name. The Trust dictated that his wife (as long as she did not remarry) could live in the house rent free until her death which happened in 2020. What date of death to we use to determine Fair Market Value of the home that was sold in 2021? 2012 or 2020?