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An irrevocable trust contained only the home of a deceased
An irrevocable trust contained only the home of a deceased person. The home was sold for less the market value of home at date of death. Home valued at 165k sold for 160k and distributed to 2 benefici… read more
Lev
Lev
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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
Robin D.
Robin D.
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Vocational, Technical or Trade School
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A person has a property with a cost basis of $100,000, the
a person has a property with a cost basis of $100,000, the assessed value is $300,000 and wants to gift it to a irrevocable trust. It is the home of the income beneficiary. if it is sold while the inc… read more
Robin D.
Robin D.
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If I pay back a loan from an irrevocable trust with
If I pay back a loan from an irrevocable trust with appreciated stock, I was told I would realize a taxable gain on the appreciated stock I transferred to the trust for payment on the loan. Is this tr… read more
Stephen G.
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I recently sold some inherited mineral rights. They came to
I recently sold some inherited mineral rights. They came to me in the 1980's. How will they be taxed?… read more
Robin D.
Robin D.
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We owner financed a house that the residents in the home abandoned
We owner financed a house that the residents in the home abandoned after not making their payments. Do the unpaid payments qualify for a 1099? Upon recovering the same home, there was $13,149.91 in da… read more
Robin D.
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delinquency on home mortgage due to refi, and lost income from
delinquency on home mortgage due to refi, and lost income from Mar 2010- Mar 2012. Foreclosure in 6/2012. We live in a home that my Mother left me upon her death, I've been living in this home from Oc… read more
Lev
Lev
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Does having your home in a Trust negate the taxes on the profit
Does having your home in a Trust negate the taxes on the profit if you sell your house now or in an estate settlement.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My parents left a house (it is in our Parents Trust) equally
My parents left a house (it is in our Parents Trust) equally to my sister and me, she and her family want to buy my share of the house. Will I have to pay capital gains tax because my sister buys my s… read more
Jax Tax
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MY MOTHER AND FATHER ESTABLISHED A LIVING TRUST IN 1995. THE
MY MOTHER AND FATHER ESTABLISHED A LIVING TRUST IN 1995. THE ONLY PROPERTY IN THE TRUST WAS THEIR HOUSE. MY FATHER PASSED AWAY IN 2000 AND MY MOTHER JUST THIS MONTH. THE TRUST TRUSTEES AND/OR BENEFICI… read more
Merlo
Merlo
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My 75 year old sister is living alone in our familys 60-year
My 75 year old sister is living alone in our family's 60-year old single-family house in Belmar, NJ. Before my father died, he set up an irrevocable trust that is solely for the benefit of my sister. … read more
Lev
Lev
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Bachelor's Degree Equivalent
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My mother passed away and left me a home with a rereverse mortgage.
My mother passed away and left me a home with a rereverse mortgage. There is a little confusion because she removed the house from her trust when she took out the loan. In terms of our tax status will… read more
Lev
Lev
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Prior to the death of my father in Oct. 2002 our family home
Prior to the death of my father in Oct. 2002 our family home was in a trust (my father owned 50%, his 4 children 1/8 % each). After his death in Oct. 2002 the home remained in the trust with each chil… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My mother passed away in 2007 and her house has been on the
My mother passed away in 2007 and her house has been on the market for sale since 2008. Her home is in trust and we have considered renting it until the market turns around. If the income from renting… read more
Ed Johnson
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hello, I have an apartment building in a trust with its own
hello, I have an apartment building in a trust with it's own FID #. My question is if I sell the trusteeship the trust is still obligated to continue paying the current mortgage and I would be only re… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My friends mother has a family trust for which she
My friend''s mother has a family trust for which she has to prepare a trust tax return. In 2007 she sold her home, in which she had lived for 7 years, for $20,000 profit. The home was in the family tr… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
When my father passed away in 1997 the title to the house ...
When my father passed away in 1997 the title to the house he and my mom lived in was placed in his living trust. My mom is the beneficiary of the trust and has been receiving the income from the trust… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
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I have been the caregiver of my disabled mother for several ...
I have been the caregiver of my disabled mother for several years living in her home. I purchased her home less than a year ago for the fair market value at the time. It has appreciated since and i am… read more
Wendy Reed
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