Further question...
I have the same setup... father has irrevocable trust with me as trustee and 2 siblings as additional beneficiaries. The FMV assessment that was done when the house was put into the irrevocable trust in 2013 was really low. Didn't realize that would come back to bite me. Had no idea the $250K single/$500k married capital gain exemption would be lost. Can a FMV estimate be done instead of supplying the assessment - based on the 2019 selling price?
Thanks in advance!
Ralph
