@TomD8, @Opus 17, @rjs My parents bought some property in VA in the 70's, the deed was in both names.
My dad passed away in 2001. My mother put the property in an irrevocable trust some 15 years later. She is still living. The property has been sold this year. I am trying to figure out the cost basis. Would it be the basis when she created the trust. I don't think it would. Would the basis be the purchase price of her half plus the stepped basis she would have inherited from my dad at his death? Or would that even apply?
I have some stock that is not publicly traded in the same situation. The stock is supposed to be sold at the end of this year. So I have the same question about that stock.
Thank you for the information.
