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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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My wife's parents left a trust for she and her sisters. The

Customer Question

My wife's parents left a trust for she and her sisters. The attorney for one of the sisters is claiming that capital gains must be paid. The total of the inheritance is $750,000, far less than the cap before inheritance taxes are assessed. Why would the trust be liable for any taxes in this situation?
Submitted: 4 months ago.
Category: Capital Gains and Losses
Expert:  Richard replied 4 months ago.

Hi Deane. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? Was this a revocable living trust that was set up, a trust set up in their will, or was this property put into an irrevocable trust during the lives of your parents? Thanks.

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