Investors & landlords

I agree with @ScruffyCurmudgeon

 

One additional point @ilovetaxes is that you need to determine the basis in the property. If this happened to be a trust that only became irrevocable upon the death of your father (i.e., it was formerly a revocable living trust, aka grantor trust, then most likely the basis is the fair market value on the date of death of your father.

 

If, on the other hand, the trust was initially set up as an irrevocable trust such that your father had no control over the corpus (i.e., it was not a grantor trust, the property would have not been included in his gross estate but was, instead, a gift to the beneficiaries of the trust), then the basis would be the fair market value on the date the property was deeded into the trust (or, the lesser of the fair market value on the date of the gift or your father's adjusted basis if figuring a loss).