Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

AN INDIVIDUALS HAS A REVOCABLE TRUST WITH TWO HOUSES IN THE…

Customer Question
AN INDIVIDUALS HAS A...

AN INDIVIDUALS HAS A REVOCABLE TRUST WITH TWO HOUSES IN THE TRUST. ONE IS PERSONAL RESIDENCE THE OTHER IS A VACATION HOME. THE INDIVIDUAL DIES AND THE TRUSTEE SELLS BOTH HOMES. IS THERE CAP GAIN OR LOSSES, STEP UP BASIS?

Submitted: 3 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 15 minutes by:
3/25/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,090
Experience: 35 years tax experience, including four years at a Big 4 firm.
Verified

Hi from Just Answer. I'mCustomer and can assist.

Both house sales would be subject to capital gains, since neither qualifies for a principal residence exclusion.

There is also no step up in basis, as the assets are not in the hands of the decedent at passing.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am the trustee of a revocable trust in the name of my
I am the trustee of a revocable trust in the name of my mother who passed away 15 years ago. My brother who was one of the beneficiaries of the trust was living in the house but recently passed away. … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
My wife inherited a piece of rental property from a
My wife inherited a piece of rental property from a revocable trust that her parents had set up after her father and brother died her mom did an amendment that made her trustee and sole heir. Her mom … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Can a revocable trust, after both Trustees have passed....co
For ***** *****" can a revocable trust, after both Trustees have passed....co trustee also the beneficiary of decedents estate.....can the current trust with Real Estate deeded to Trust....can I the C… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
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.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mom created a quit claim deed under her revocable trust
My mom created a quit claim deed under her revocable trust and was a life tenant until she died in January. The house was then transferred to my brother, sister and I. We sold the house 3 weeks ago. W… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
THESE QUESITONS ARE FOR EXPRERT NPVAdvisor . IS THERE A KIND
THESE QUESITONS ARE FOR EXPRERT NPVAdvisor ONLY... IS THERE A KIND OF TRUST THAT A HUSBAND AD WIFE CAN DEED A PRIMARY RESIDENCE TO BEFORE ANY SPOUSE DIES AND THAT WILL GIVE A STEPPED UP BASIS TO THE T… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
47 satisfied customers
Grandma and Grandpa had Revocable Living Trusts. Grandpa died
Grandma and Grandpa had Revocable Living Trusts. Grandpa died in 2009 and his assets went to an irrevocable family trust. House was transferred into Mom and Fmaily trust (1/3 to Mom and 2/3 to Family)… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master\u0027s Degree
3,104 satisfied customers
A mother set up a living trust with real property with terms
A mother set up a living trust with real property with terms allowing her daughter to live in the home until her death then all right and title passed to the daughters children. The mother died in 199… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
We have a new question concerning my mothers house. She is
We have a new question concerning my mother's house. She is still in a nursing home and there are family members living in the house - paying utilites, and the cost of taxes and insurance. At this poi… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
CALIFORNIA TAX QUESTION RE: SELLING OF HOUSE. . . . My friend
CALIFORNIA TAX QUESTION RE: SELLING OF HOUSE. . . . My friend is 65 years old and blind from birth and never has received state aid of any kind. She and her deceased husband bought a home in 1978 and … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I am a trustee of a Irrevocable trust in my mothers behalf.
I am a trustee of a Irrevocable trust in my mother's behalf. She has died. The only asset is a house. What if any capital gains tax are the beneficiaries liable for? Thanks, Bob… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
My mom died in Feb. 2011 and left my sister and/or myself as
My mom died in Feb. 2011 and left my sister and/or myself as successor to her trust. I want to sell the house ASAP as is. I do not want to invest any more time or cost in this house. The realtor state… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Would you confirm my understanding of how a real-estate transaction
Would you confirm my understanding of how a real-estate transaction will be reported? My father died in 2006, and my mother transferred the family home into a revocable trust, with my two brothers and… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
Mother in law passed away. My wife is the executor and sole
Mother in law passed away. My wife is the executor and sole beneficiary. Estate size is $160k (house at $120k, bank accounts at $40k). House and bank accounts are in a revocable trust. My wife is the … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
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
Tax Consultant
558 satisfied customers
Our house was placed in an Irrevocable Trust (along with other
Our house was placed in an Irrevocable Trust (along with other assets). I am thinking of selling the house now that my spouse has died (2009). Can I take avantage of the house exclusion (250K or 500K)… read more
bizmatters
bizmatters
J.D.
666 satisfied customers
To avoid probate, I am thinking of transferring my home to ...
To avoid probate, I am thinking of transferring my home to a revocable living trust, with me as sole trustee. I understand that when I die, the house will transfer to the trust beneficiaries with a st… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I am the Trustee and Beneficiary of my parents trust. The ...
I am the Trustee and Beneficiary of my parents trust. The home I live in is in the Trust and has been my primary residence since 1999. My father lived with me. My mother died in April, 2001. My dad di… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x