New York | Wills and Trusts
Legal Question
I live in New York. My parents put their house in an irrevocable trust for me and my brother in 2001 with the right to live in it til death. At that time it was appraised at $265,00 My father passed away in 2004 and my mother passed away in August of 2011. House was sold for $329,000 4 months later in Dec of 2011 by me and my brother as trustees of the irrevocable trust..
My parents paid $19,000.00 for it in 1958.
Question is do we pay capital gains on the 329,000 less the original price of $19,000 or do we pay capital gains on the difference of the $329,000 less the value of $265,000 when it was put into the trust in 2001 or the difference between the $329,000 less the value of when my mother passed away 4 months earlier which the value was the same ?
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