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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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Sold mothers home through an Irrevocable Trust in 2015. and

Customer Question

Hi, Sold mothers home through an Irrevocable Trust in 2015. I am Trustee and 1/3 beneficiary.
Will I owe Capital Gains taxes ? (Estate = zero no assets)
are there any exemptions for inherited property sold from the trust eliminating Caital Gains ?
(I have not received a 1099 ?)
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Was this a revocable living trust while your mother was alive?

When did your mother die?

If it was irrevocable from the beginning, when was it formed and did your mother remain in her home until she died or until she had to take up residence in a Nursing Home?