O
oree
Guest
My husbands father died in 1993 leaving his companion as trustee of his trust agreement. The trust was less than $600,000 and includes two rental houses on the property. As of this year my husband has taken over as trustee. The rent is paid to my husband. Do we claim the income and expenses for the rentals on our joint return as the the previous trustee did on hers? Would the basis be FMV at the time of my father-in-law's death or the value this year when my husband took over or something else? Thank you.