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A Texas family is being asked to put their 289000 house in a
A Texas family is being asked to put their 289000 house in a grantor irrevocable trust. If the house is sold for 389000 10 years from now when is the gain taxable and if they take distributions are ga… read more
Lev
Lev
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Bachelor's Degree Equivalent
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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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My dad passed and has a living trust, I am the trustee and
My dad passed and has a living trust, I am the trustee and my younger brother is going to buy the house from the trust, I then plan to distrubute the funds to the 5 other brothers. with a new basis is… read more
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Lev
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Three of us own our fathers home since all assets were
Three of us own our fathers home since all assets were transferred to us 10 or more years ago. I am the oldest child and have full POA, Health Care Proxy etc. Our Dad is now living in an assisted livi… read more
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Lev
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I am the successor trustee of a California irrevocable
I am the successor trustee of a California irrevocable living trust. Both my parents have been deceased for three years. We are now selling the house, which has appreciated approximately $150,000 in t… read more
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Lev
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What taxes would my mother have to pay on the sale of her
What taxes would my mother have to pay on the sale of her house? It was purchased in 1955 for $13,500. My father passed away in 2002 and she is now living in assisted living and we don't know if it is… read more
Robin D.
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We have a Canadian Irrevocable Trust owning a house in the USA - never rented;no income at
We have a Canadian Irrevocable Trust owning a house in the USA - never rented;no income attached to it. If we sell that house, does the Cdn Trust file a return with the US tax department and what woul… read more
Lev
Lev
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Does the sale of a personal residence that was transferred
Does the sale of a personal residence that was transferred to an irrevocable trust become taxable to its beneficiaries? Can the transfer be treated as a gift to the beneficiaries so there is no capita… read more
NPVAdvisor
NPVAdvisor
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Master's Degree
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My dad (foreigner, not US tax resident) wants to buy $400K
My dad (foreigner, not US tax resident) wants to buy $400K condo in CA and place it into Trust. I am Trustee (US resident). Beneficiaries are my minor kids (settlor's grandchildren), also local. What … read more
Robin D.
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We are considering selling my 86 year old mother's primary
We are considering selling my 86 year old mother's primary home that she has lived in 20 years. It is currently in an irrevocable trust for her (brother has power of attorney). It was purchased for $1… read more
Megan C
Megan C
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My mother is deceased and my father is instatutionlized with
My mother is deceased and my father is instatutionlized with Alzheimer's. My parents had their home in the trust. My sister and I are successors in the trust. We would like to know what our tax obliga… read more
Megan C
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My wifes sister passed away in Nov. of 2010. She had her
My wife's sister passed away in Nov. of 2010. She had her mobile home in a revocable living trust with my wife as trustee. We transferred the mobile home into our revocable living trust. In July we so… read more
abci168
abci168
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Are there capital gains tax consequences for a house sale,
Are there capital gains tax consequences for a house sale, a primary residence in NJ, when the money goes to irrevocable family trust?… read more
Charles Greiner
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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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My mom recently passed away and her home was in a trust for
My mom recently passed away and her home was in a trust for her children. It was put in a trust fund for the children after my dad passed away in June, 2002. How does the capital gains on the sale of … read more
Merlo
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we put our house in to irrevocable trust last year at age 63
we put our house in to irrevocable trust last year at age 63 years old in New york state. and wonders about capital gains tax on the house,, Do I have to pay tax on the capital gains on the house sinc… read more
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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
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My Dad bought a house with my stepmother 30 years ago. My ...
My Dad bought a house with my stepmother 30 years ago. My Stepmother died in 2002. At that time the house was worth about $900,000, now my Dad wants to sell the house for about 1.1 million. Doesn't he… read more
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