California proposition 19 applies to my situation. My mother put her senior condo into a trust and I am the sole beneficiary.
My mother bought condo for $250k. It is selling (god willing) for $200k, thanks to Covid.
How does the IRS and California determine FMV at time of death? Is it $250k or $200k? I would like to use the loss against my own personal tax liability. Is that possible or only applicable in an estate tats return?
Thank you.
