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My name is james ...

My name is james

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My mom passed away she had an irrevocable trust , I am the trustee need help on form 593-c

Accountant's Assistant: Is there anything else important you think the Expert should know?

I believe I am exempt

Submitted: 10 months ago.Category: Tax
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9/21/2017
Tax Professional: Richard, Tax Attorney replied 10 months ago
Richard
Richard, Tax Attorney
Category: Tax
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Tax Professional: Richard, Tax Attorney replied 10 months ago

Good morning James. Can you provide me a bit more information? Was this a revocable living trust that became irrevocable upon your mother's death? Or, was this set up as an irrevocable trust prior to your mother's death? And, on what part of Form 593-c do you need help? Thanks.

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Customer reply replied 10 months ago
Irrevocable prior to her death
Customer reply replied 10 months ago
Seller part 2 loss or zero gain, property is being sold less than the valve at time of her death
Tax Professional: Richard, Tax Attorney replied 10 months ago

Thanks for your response. If the trust was irrevocable (and was not a grantor trust based on retaining certain controls) prior to her death and this property was put into the trust prior to her death, then her basis would not be the value of the property at her death. The property would only be eligible for the basis adjustment to fair market value if the trust was a revocable living trust that became irrevocable upon her death, was a grantor trust, or the property was transferred to the trust at her death. Otherwise, her basis would based upon her purchase price (plus the cost of improvements) and that would determine whether or not there was gain.

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Customer reply replied 10 months ago
Is there an inherentance tax
Tax Professional: Richard, Tax Attorney replied 10 months ago

No, there would be no inheritance tax. Just a possible gain on the sale of the property if the sales price (less closing costs) exceeds the basis of the property.

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Tax Professional: Richard, Tax Attorney replied 10 months ago

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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