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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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Looking through the attorney's accounting for a trust. There
Looking through the attorney's accounting for a trust. There was a decedent's real estate property as assets to be sole and proceeds to be distributed. The accounting shows the following Appraised Val… read more
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Chad EA, CDFA®, CFP®
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I received a distribution from a real estate trust as a
Hi, I received a distribution from a real estate trust as a beneficiary because the trust sold the only property it held. The trust is a revocable trust that must distribute proceeds from the sale of … read more
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This may seem silly, But I really need the answer to this
Ok, this may seem silly, But I really need the answer to this one. My sister and I are co-trustees of our late mothers trust. We are also its only beneficiaries. My understanding was that our first ob… read more
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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
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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
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A grantor trust will sell a residence and since it is the final
A grantor trust will sell a residence and since it is the final year of tax reporting, the proceeds will be distributed to the beneficiaries. Can the beneficiaries use the $250,000 sec 121 exclusion?… read more
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A decedents trust sold decedents personal residence in 2009
A decedent's trust sold decedent's personal residence in 2009 as a capital asset and realized a capital loss of about $160,000. In 2013 the trust sold rental real estate and realized about $140,000 ca… read more
Stephen G.
Stephen G.
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My uncles assets when he died where in a living trust. I am
My uncles assets when he died where in a living trust. I am the executor and one of 4 beneficiaries. His house under his will is granted to me. All other assets are to be distributed equally to the 4 … read more
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H & W bought residence after second marriage (his kids, her
H & W bought residence after second marriage (his kids, her kids but no our kids). H dies in 1985 and leaves his 1/2 of residence to W, in Trust, "... to be held, administered and distributed as follo… read more
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Lane
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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
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Lev
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I am the trustee of my late Wifes Revocable Trust. The only
I am the trustee of my late Wife's Revocable Trust. The only asset is a condo. If the condo is sold, will it be treated as a capital gain for federal income tax purposes? Is the rate 15% of the gain?… read more
Lev
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tax implications on sale of a primary residence in a living
tax implications on sale of a primary residence in a living trust. appraisal at time of death was $550,000. net proceeds after reverse mortgage and in home health care was $71,000 on a sale of $450,00… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Taxpayer had a living trust, of which her personal residence
Taxpayer had a living trust, of which her personal residence was included. Taxpayer died July, 2010, the trust representative sold the residence in 2010 and had the escrow distribute the proceeds dire… read more
MequonCPA
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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
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Bachelor's Degree Equivalent
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My parents established a Revocable Living Trust. My father
My parents established a Revocable Living Trust. My father passed away 10 years ago and my mother died last week. My brother, sister and I are curious: what tax consequences (i.e.,capital gains?) shou… read more
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MequonCPA
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My parents created an irrevocable trust in NYC in 2000. Their
My parents created an irrevocable trust in NYC in 2000. Their co-op apartment and stocks were put into the trust. Now that they have died, I, as trustee, have sold some stocks and then distributed the… read more
Lev
Lev
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Bachelor's Degree Equivalent
31,884 satisfied customers
income tax consequences selling inheritance property...
Could you describe two different tax consequences for me in regard to selling a home for the Decedent who has it held in the Trust. 1) Selling outright to a buyer for $365,000 with commissions, etc. 2… read more
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