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My daughter is a beneficiary of our revocable living trust…

My daughter is...

My daughter is a beneficiary of our revocable living trust and lives in a house which lies in the trust. I am trustee. If I sell the house am I eligible for the $250,000 deduction?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Oregon. the house is in california

Lawyer's Assistant: What documents or supporting evidence do you have?

All necessary documents. In fact the house is in escrow now.

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Answered in 5 hours by:
10/12/2017
DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 5,113
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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When you mention the $250,000 deduction, what exactly is it? Is it a deduction for capital gain taxes? Also, you mention the house is in escrow? Are you saying you already have entered into a sales contract? Please clarify so I can see if I can help you.

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Customer reply replied 9 months ago
the $250000 is the capital gains deduction; and the house is currently in escrow.
You will be eligible because the revocable trust is still within your estate and not separate from you. If you need anything else, let me know.
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Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars so I can get paid for the service I provided to you. Best regards.

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Did you get my answer that you are still eligible for the capital gains deduction?

DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 5,113
Experience: Attorney. Well versed, understanding, friendly
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Customer reply replied 9 months ago
I have just read your answer and am pleased with it. However, I want to make sure that you understood that it was my daughter living in the house, and not me. Thank you.......

That is fine as long as it is considered your permanent residence. If it is your second residence, and you have another permanent residence, I would have to look further into that.

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Customer reply replied 9 months ago
Thank you.

You are welcome.

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Hello again: I want to thank you for the positive rating that you gave me on this question. I was happy to help you. You can always request me for future questions by putting my name first (DamienBosco) when you ask a question or you can bookmark my page and ask me a new question directly that way. Here is the bookmark to save:

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