How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask R. Klein, EA Your Own Question
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
Type Your Capital Gains and Losses Question Here...
R. Klein, EA is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Capital Gains and Losses
Expert:  Richard replied 1 year 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.