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

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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: 1 month ago.Category: Tax
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Answered in 15 minutes by:
3/25/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,013
Experience: 35 years tax experience, including four years at a Big 4 firm.
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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

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