Capital Gains and Losses

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My mom's home is in a trust. It was just sold. Orig.
My mom's home is in a trust. It was just sold. Orig. Purchase price $100, now sold at $160,000. How is capital gains handle? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
23,094 satisfied customers
In 2011 my father added my name to the deed for the house,
In 2011 my father added my name to the deed for the house, showing my father and myself as “grantees, as joint tenants and to the survivor of said named joint tenants (and not as tenants in common)”. … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
336 satisfied customers
I am selling a house that I've lived in since 1990 that is
I am selling a house that I've lived in since 1990 that is held in a revocable trust. I would like to confirm if Capital Gains Tax will apply. I made less that $40,000 last year. … read more
Lev
Lev
44,813 satisfied customers
Wife is trustee in a trust where house is in trust it's in
wife is trustee in a trust where house is in trust it's in california LA County … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
23,094 satisfied customers
Husband died in 2017 - wife died in 2019 (both together have
Husband died in 2017 - wife died in 2019 (both together have 2 million dollar property in their trust). Trust beneficiary were their son and daughter 50/50. They sold the house in 2020 for 2 million. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
23,094 satisfied customers
I am concerned with capital gains, my parents home was in a
i am concerned with capital gains, my parents home was in a irrevocable trust, i am the trustee we sold … read more
taxmanrog
taxmanrog
Master's Degree
2,203 satisfied customers
I'm a 1/3 beneficiary of real estate that we are selling
Hi, I'm a 1/3 beneficiary of real estate that we are selling which is under a trust. Grantor passed in April 2018 and my brother lived in the home for about a year. I'm planning on using my share to b… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
SECOND OPINION - My parent's home was an asset in their
Second opinion] 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 … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,855 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
23,094 satisfied customers
When defunding a "living trust" are capital gains tax
when defunding a "living trust" are capital gains tax accessed to the successor? … read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
I'd like some help understanding IF, in a Living Trust the
I'd like some help understanding IF, in a Living Trust the Proceeds from the Sale of a Home ie (Capital Gains) to the Beneficiaries is a Reportable/Taxable event? … read more
Lev
Lev
44,813 satisfied customers
The grantor passed away and the home is being sold in a
The grantor passed away and the home is being sold in a trust. Who can write off improvements done to the home, as well as the repairs done to get saleable? Can we offset capital gains moving forward?… read more
Lev
Lev
44,813 satisfied customers
The maker of a living revocable trust has passed. the
hello, the maker of a living revocable trust has passed. the beneficiaries, two children, are ready to split the trust into two individual trusts, a nontaxable event, as described by the financial adv… read more
Lev
Lev
44,813 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
Tax Preparer
Doctoral Degree
86 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
Tax Advisor
Master's Degree
3,230 satisfied customers
I live in California. My father recently passed away, February
I live in California. My father recently passed away, February 2012. About 10 years ago after my mother's passing, he changed his will to a living trust between me and 3 siblings. The house is current… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
86 satisfied customers
My father passed away in October 2010 and I inherited 1/4 of
My father passed away in October 2010 and I inherited 1/4 of the house that we sold six months later in April of 2011. 2 months before he passed away he had decided to move and put the house on the ma… read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
775 satisfied customers
I was told that I needed to sell my fathers home no later
I was told that I needed to sell my father's home no later than 6 months after his date of death in order to avoid capitol gains tax ( my mother has long since deceased ). December 4th will be exactly… read more
S-Drouillard-CMA-MBA
S-Drouillard-CMA-MBA
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