The original cost paid for the home by my parents was $50,000. The home was placed into the revocable living trust of each parent, and later appraised at $660,000 when my mother died. The home was appraised at $850,000 when my father died three years later and sold at that appraised value eight months later. Do the trusts prevent me from using the last FMV at the last decedent’s death? Should the original cost of the house be added to the final cost basis?
