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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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My sister and I had to put my 90+ yr old mom in a nursing

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My sister and I had to put my 90+ yr old mom in a nursing home last year. Ten years ago, after my Dad's death we worked with an estate lawyer and created life trust on the house and it was placed in my sister's and my name. We are selling it now. My sister and I have separate primary residences (with our spouses). How do we go about calculating capital gains? BTW, my sister and I reside in the same state but in different cities.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi Nadia. My name is ***** ***** I will be happy to help you.

Are you talking about living trust?

"A living trust (sometimes called an "inter vivos" or "revocable" trust) is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative, called a "successor trustee."

Expert:  emc011075 replied 1 year ago.

What kind of trust is it? Revocable? Irrevocable? Life estate? Is the title of the house in your and your sister's name?