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I am selling my home that is held in a Family Trust. Are
I am selling my home that is held in a Family Trust. Are there any tax implications for this sale? Will the trust owe capital gains taxes? … read more
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Lev
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My Father and Mother, who are now deceased, left the house
My Father and Mother, who are now deceased, left the house in a family trust. My brothers and sister now want to sell the house. I have lived with my Mother for two and half years, and took care of he… read more
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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
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We recently contacted a trusted real estate agent and she
We recently contacted a trusted real estate agent and she came up with a value of our home at $509,000.00. The housing market here on Long Island is in a sellers market place so the value was higher t… read more
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I own a home which in my trust and wish to sell the home to
I own a home which in my trust and wish to sell the home to my daughter, the real estate attorney said it would be no problem, just write a contract and my trust will act as the lender. My daughter wi… read more
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Claim tax benefits from the property tax write offs.
My father left a house to myself and my brother in a living trust. As trustees/beneficiaries of the estate, are we entitled to pay the property tax and also take the tax write off for it? Or do we nee… read more
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My mother passed away in 2007. Her house has been in an irrevocable
My mother passed away in 2007. Her house has been in an irrevocable trust. It was free & clear. We sold it in June 2013 at basically a loss. The fmv was $247k in 2007 & it sold in 2013 for $150k. That… read more
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There are 3 parties in my Dads Trust. I am the Trustee for
There are 3 parties in my Dad's Trust. I am the Trustee for my brother and myself and another party is the trustee for my Dad's wife's part. He would like to have me buy him out of the trust assets. T… read more
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Regarding Estate and Income Tax planning: One half of the primary
Regarding Estate and Income Tax planning: One half of the primary residence is in a trust which was established upon the death of the husband and asset placed in the trust after his death. Children of… read more
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My mother, who is 91 y/o, recently reclaimed some properties
My mother, who is 91 y/o, recently reclaimed some properties that a daughter had purchased with money from the sale of a home my mother owned back in the 80s. The trust is a "Special Needs Trust". I a… read more
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My mother just died. My stepfather is still alive. There is
My mother just died. My stepfather is still alive. There is a irrevocable trust set up. They have a second home that is on the market for $150K. My husband and I have been asked if we want it. The tru… read more
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My wifes mother put her house into an irrevocable trust on
My wife's mother put her house into an irrevocable trust on 7/9/09. Her mother died on 9/12/11. My wife and I bought out her three other siblings on 3/23/12; however, the trust was the name on the pur… read more
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We have a situation similar to this one: http://www.justanswer.com/tax/1fo7w-put-house-irr
We have a situation similar to this one: http://www.justanswer.com/tax/1fo7w-put-house-irrevocable-trust-last-year-age-63.html My father-in-law bought his house 40 years ago for under 15K and now 4 ye… read more
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need advice for current tax year regarding using irrevocable
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My mother owns her home, which is in a trust with her 4 childrens
My mother owns her home, which is in a trust with her 4 childrens names. She is very low on cash to live on. She is 84, fair health. What is the best way to give her cash, can we children buy the hous… read more
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Lev
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My mothers revocable trust left her house to my sister and
My mother's revocable trust left her house to my sister and me. We want to sell the house. Do we pay capital gains when the house in the trust is sold? Thank you, Vangie Gray… read more
Lev
Lev
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In January 2003 my mother put her house in an Intervivos Irrevocable
In January 2003 my mother put her house in an "Intervivos Irrevocable Trust", that permitted her to live in the house as long as she wanted to. In 2006 she entered a nursing home. I am now trying to s… read more
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I have a QPRT which doesnt help because the tax laws ...
I have a QPRT which doesn''t help because the tax laws changed after I set it up. If I were to try and get out of it, are there tax consequences?… read more
Lev
Lev
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