Trust, Do I split accounting for year of death ? EIN & Grantor ?

[Deanna McCormick]

I'm trustee of family rental property, Grantor passed away this year and I'm wondering if I split the accounting as of 1/1/16 to date of death, and then from date of death to 12/31.

How does this work for property taxes,and insurance if they were paid in full prior to date of death ? Do I do the same for operating expenses, and income from rents.. when paid is paid and when received is received.. 

Do I prepare a profit loss statement for each part ?? or what?

I have a call into my accountant but would like some heads up if possible. 

[Account Closed]

I am not a fan of attorneys saying "it depends", but in this case it does depend on the language of the trust (specifically whether another grantor is alive) and who the beneficiaries are. If this is the sole (remaining) grantor, then, yes, this type of accounting is likely necessary. Estate accounting I have seen are more like an income and expense report than profit / loss.