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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7147
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I own a piece of real estate that was an assest of a trust

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I own a piece of real estate that was an assest of a trust that was dissolved several years ago (not due to a death). The property was not put into the trust until many years after it was originally purchased. I was the sole beneficiary of the trust but I have held the property in my own name for over a year. I want to sell it, I have never lived in it so can't it as my residence, so I need to declare long term capital gain. What is my basis? The original purchase price + improvments? Fair market value at the time the trust was created? When the trust was dissolved?
Submitted: 6 years ago.
Category: Tax
Expert:  Stephen G. replied 6 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

Your tax basis is the original purchase price + improvements. The fair market values you mention are not relevant in these circumstances.

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