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My Uncle set up an irrevocable trust in which he allowed his
My Uncle set up an irrevocable trust in which he allowed his sister to have life tenancy in his home. He died in 999. My aunt recently died (July 2019). I am the beneficiary. When does the step up for… read more
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An elderly widow is setting up a trust for her 2 daughters,
An elderly widow is setting up a trust for her 2 daughters, who are above the age of majority. The woman's total estate is 3.2 million. If the woman puts her home in the trust for her daughters vs put… read more
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What would be the best way to determine the basis for IRS
What would be the best way to determine the basis for IRS purposes for land with mineral rights that was purchased in the 1950's and inherited in 2011? It was sold for a large amount (over $600K) but … read more
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If I sell rental property in Nevada that I inherited from a
If I sell rental property in Nevada that I inherited from a trust my grandmother set up how much would I owe in taxes?… read more
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In mid 1955 my aunt and uncle bought a home as tenants by the
In mid 1955 my aunt and uncle bought a home as tenants by the entirety for around $10,000. In 2013 they transferred the property to a revocable grantor trust with the two of them as joint beneficiarie… read more
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Robin D.
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Ok, uncle left house in a trust mom 2009. she died and trust
ok, uncle left house in a trust for benefit mom 2009. she died and trust terminated 2014. then house distributed to my bros and I. Is basis only at uncles death or another step up with mom death? also… read more
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My wife and I are married with a revocable trust. Is there a
My wife and I are married with a revocable trust. Is there a 1 or 2 step up; in 2000, my wife inherits 1/2 her family home and places it in the trust. She is Tenants in common with her sister. in 2008… read more
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My kids have a trust from their Grandfather who passed away.
My kids have a trust from their Grandfather who passed away. The stipulation is they are not to have access to the trusts until they are 25 but funds can be withdrawn earlier if for kids benefit and a… read more
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My wife and I have owned a mobile home park in Alabama for
My wife and I have owned a mobile home park in Alabama for many years. We live in Florida. The ownership of the park is through an LLC of which my wife and I are the sole owners. The tax basis is too … read more
Lane
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Doctoral Degree
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We have two homes, paid for, and want to gift one each to our
We have two homes, paid for, and want to gift one each to our daughters on our death. We have a trust, but have not put the properties in the name of the trust because income from the properties then … read more
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We have some real estate (farm land) that we inherited through
We have some real estate (farm land) that we inherited through a trust. The trust was formed in 1971 when an Uncle died and left that property in trust to 4 siblings. The Trust has now been dissolved … read more
Megan C
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I registered two days ago, after receiving a helpful response
I registered two days ago, after receiving a helpful response to a tax law/estate question. I have another question. Client died on April 25, 2012, owning an IRA in a bank naming her revocable trust a… read more
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MASSACHUSETTS: My dad and his 3 brothers created an Grantor
MASSACHUSETTS: My dad and his 3 brothers created an Grantor –Type Investment Property Trust about 30 years ago Each contributed equal amounts. (25% share to each). Within the Trust there are 4 propert… read more
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If a real property is in a decedents trust and is subsequently
If a real property is in a decedent's trust and is subsequently distributed to a beneficiary under provisions of the trust agreement, and property was used as an income rental, what basis is transmitt… read more
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in California, how do you deed someone off a property when
in California, how do you deed someone off a property when they die? The property is held by mother (now deceased) and 2 daughters. There is also a living son who is not part owner.… read more
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Lev
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We have had a rental property for over 20 years. My husbands
We have had a rental property for over 20 years. My husband's trust owns 95% and my trust owns 5% of the property. Let's say we transfer my 5% to him so that his trust would own 100% of the property. … read more
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On June 1 1993 Sam dies. His will creates a trust under
On June 1 1993 Sam dies. His will creates a trust under will with shares of common stock owned solely by him – shares purchased 6 years before his death. Date of death value was $50,000. The only orig… read more
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Master's Degree
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My uncle died in California and his estate sent me a check ...
My uncle died in California and his estate sent me a check for $50,000. Do I need to pay any txes or file a form? I live in Maryland. [email protected]… read more
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