My mother recently passed. She had a revokable trust. Her house was titled in the trust. Successor trustees sold the house (per instructions of the trust) a couple of months after her death. How is the cost basis of the house established in this situation? Someone told me that the value of the house at the time of death was the basis, and not the price she paid for the house some number of years ago. Is this correct? I'm trying to determine the appropriate basis, so that capital gains taxes can be paid. Thanks.
