Hi,
My father passed away in 2013 and he created a family revocable trust for which him and my mother were co trustees. Upon his passing, my mother had to update deeds and the trust to reflect her as sole trustee. We had a valuation (not appraisal) done of the properties held within the revocable trust.
My questions are...
- She didn't file an estate tax return bc the value of the estate was low. was this a mistake?
- She had a valuation done of all the properties within the estate. Is this sufficient to establish cost basis at time of my fathers death?
- Should she be getting appraisals today that record assess the value of these properties from 2013?
My mother is now preparing to sell one of these properties but we don't know the cost basis. We don't want this to negatively impact her capital gains tax.
