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My husband passed away and our home is in the living trust

Customer Question
I would like to sell...
My husband passed away and our home is in the living trust I would like to sell it, do I have to pay taxes on what was gained and do I have to buy or invest the profit?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 5 minutes by:
4/14/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,537
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question..Are you one of the grantors of the trust?.Have you lived in the home at least 2 of the last 5 years?.How much profit do you anticipate to make on the home?..thanksBarrister
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Customer reply replied 1 year ago
Yes I am the grantor, I have not lived in the home for the last 2 years, I anticipate a profit over 300K.
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
do I have to pay taxes on what was gained and do I have to buy or invest the profit?.No, according to the IRS in Publication 523, Selling Your Home, the IRS answers your question as follows: "If your spouse died and you did not remarry before the date of sale, you are considered to have owned and lived in the property as your main home during any period of time when your spouse owned and lived in it as a main home." .So as long as you have lived in the home at least 2 out of the last 5 years, then you can exempt up to $500,000 in profit tax free.. .So the entire sale will be tax free and there is no legal obligation for you to reinvest it if you choose not to...thanksBarrister
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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,537
39,537 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

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