Tax Law (Questions About Taxes)/Trust Taxes


My father established a trust in 1996.  In 2009 or 2010 his house was added to the trust.  He died in 2010.  At the time of death, the house was appraised, and it was sold in 2013.  I have no idea what he paid for the house when he bought it sometime in the early 1980s.
My question is, on the 1041 Schedule D, what is the basis that I should use for the house?  The 2010 appraisal or the 1980 purchase price, which I have no way of finding?
Thanks for volunteering.


Thanks for your question.

The basis of inherited property is the fair market value as of date of death.  That is the value you should use. Assuming that the trust assets remained in his name and you inherited the trust assets.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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