- Jurisdiction
- California
I am the successor trustee for my mother's trust. She is 92 and resigned last year as trustee. To pay for some medical expenses, we sold a lot she owned last year, which lot she inherited in 1972. I am working on filing her tax return this year. Since she is still alive, the preparer will file it on a personal tax return.
To determine the capital gain, I am told I need to come up with a market value (not assessed value) for the property as of when she first inherited it. My mother has nothing like that in her files. She held the property in joint tenancy with three other siblings for about a year, so for the capital gain I need the market value when she inherited it x.25, her interest in the property. None of her siblings have retained any information about their transactions in subdividing and then selling their lots.
So, I am in need of determining the market value in 1972...Does anyone know how I can go about that?
Thank you in advance.
To determine the capital gain, I am told I need to come up with a market value (not assessed value) for the property as of when she first inherited it. My mother has nothing like that in her files. She held the property in joint tenancy with three other siblings for about a year, so for the capital gain I need the market value when she inherited it x.25, her interest in the property. None of her siblings have retained any information about their transactions in subdividing and then selling their lots.
So, I am in need of determining the market value in 1972...Does anyone know how I can go about that?
Thank you in advance.
