Capital Gains and Losses

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I currently have a spendthrift trust set up for me. That
Hi...I currently have a spendthrift trust set up for me. That trust is with an online bank/broker. Two thirds is now invested in stocks. I want to limit my taxes on gains. Can this trust be put into a… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I had a jointly owned rental property in CA that I sold in a
I had a jointly owned rental property in CA that I sold in a 1031 asset exchange in 2017. I have three properties in SC I purchased with the proceeds. I am now interested in placing those houses in tr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
My question is about the tax implications of selling a real
Hello, My question is about the tax implications of selling a real estate property held by a Trust.I am beginning the process of selling a house (single family residence) that is the sole asset held/a… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,523 satisfied customers
Splitting sales of mom's house with family. How do I or we
Splitting sales of mom's house with family. How do I or we file capital gains … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My deceased parents have a revocable living trust. The
My deceased parents have a revocable living trust. The primary trust asset is my parent's single family home. This home became a rental after the last parent died in April 2015. We we have to file IRS… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
SECOND OPINION - My parent's home was an asset in their
SECOND OPINION - My parent's home was an asset in their Revocable Living Trust. They have now both passed away and as the Successor Trustee I sold the home in 2019. Did the cost basis of the home step… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
Is a distribution or monies received as a trustee of a
Is a distribution or monies received as a trustee of a Revocable trust liable for tax personally to the trustee or does the tax burden stop with the trust itself? also, if tax returns have not been fi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
I'm back. On April 5 in our conversation, you said that the
I'm back. On April 5 in our conversation, you said that the trust should "enter the capital loss on 1041 K-1, line 4a.....check the box on the form to show this is not the final K-1." I was thinking t… read more
Stephen G.
Stephen G.
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Bachelor's Degree
8,862 satisfied customers
Parents had a living trust. I received partial funds do I
Parents had a living trust. I received partial funds do I have to pay state and federal taxes? … read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
57,767 satisfied customers
I inherited a house when my mother passed away in 2012. The
I inherited a house when my mother passed away in 2012. The house sold in 2016 for less than the appraised fair market value in 2012 at the time my mother passed away. I want to take a capital loss on… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
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How do you handle capital gains in revocable trust for
How do you handle capital gains in revocable trust for property sold Feb primary benificary died April 30 has 4 children. Who now are benifiareies through rest of year … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,862 satisfied customers
My sister and I inherited our mothers condo and just sold it
My sister and I inherited our mothers condo and just sold it for $712500. Are the proceeds split and each sister deals with capital gains individually or are capital gains dealt with while still in tr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
My brother set up a Trust before he passed away in 2003 with
My brother set up a Trust before he passed away in 2003 with my mother as the beneficiary. The Trust ceased in 2015 upon my mother's death and my sister and I become equal owners after her death. This… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
10,141 satisfied customers
My Father passed away in mid-2014 in California. I am the
My Father passed away in mid-2014 in California. I am the executor of his estate as well as a Co-Trustee (equally with my two brothers) of his Family Trust. My question surrounds the capital gains tre… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,862 satisfied customers
our father passed away and left property in a trust with instructions
our father passed away and left property in a trust with instructions for the property to be sold and split equally with his children. Will we have to pay capital gains taxes when we sell the property… read more
Arthur Rubin
Arthur Rubin
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Doctoral Degree
86 satisfied customers
if the only thing of value in a trust is the home she lived
if the only thing of value in a trust is the home she lived in, and the home is sold after her death, does the trust or its beneficiaries get the up-step basis of that home?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,862 satisfied customers
In November, 2012 my deceased mothers Trust sold the family
In November, 2012 my deceased mother's Trust sold the family home in Illinois. I am the sole beneficiary of the Trust. As such, 100% of the Trust's gains & losses pass thru the Trust to me every year … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,862 satisfied customers
I wanted to clarify if I have to calculate and pay capital
I wanted to clarify if I have to calculate and pay capital gains taxes (on my mom's behalf). My parents held a living trust until my dad's passing in October 2010. In 2011, we split the assets of the … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
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