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My parents house is in trust to myself and my 2 siblings. We
my parents house is in trust to myself and my 2 siblings. We need to sell their present home and buy a larger home so my sister can live with them. Can we sell and buy a house with the trust … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,029 satisfied customers
My wife's parents died a couple years ago, their house was
My wife's parents died a couple years ago, their house was sold before they died, money was placed a irrevocable trust with my wife and her sister as beneficiaries and trustees. They recently dissolve… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,603 satisfied customers
I would like assistance with a few questions relating to a
I would like assistance with a few questions relating to a 1031 real estate exchange.Here are the questions.1) If you have a sale of real estate in an irrevocable trust in which the proceeds of the sa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,029 satisfied customers
I am in need of assistance with a couple of tax questions.
Hello, I am in need of assistance with a couple of tax questions.1) When selling a home that is in an irrevocable trust, what is the original cost basis (before home improvement expenses) that should … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
My mother just passed away recently, and among other things,
Hi my mother just passed away recently, and among other things, she left a few CD'S for my sister and I to split. The CD's were opened in trust for us and we are the only beneficiaries as well. My que… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,029 satisfied customers
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
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,685 satisfied customers
My father passed away last year. One month before he died s
My father passed away last year. One month before he died his house was sold which was in a family revocable trust so the proceeds went to the trust. I am the executor of my father's estate and an ind… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,832 satisfied customers
My father put some land in my brother's name as trustee
My father put some land in my brother's name as trustee for the benefit of all his children. My father passed away in 2012. We have just sold the property. A 1099-s was issued to my brother as trustee… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,832 satisfied customers
I am the executor of my mothers estate, as well as one of
I am the executor of my mother's estate, as well as one of the two beneficiaries of my mother's Irrevocable Trust held at XXXXX XXXXX. I have had a lot of difficulties getting documentation from them … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,832 satisfied customers
my father died owning a non-qualified annuity that hadnt been
my father died owning a non-qualified annuity that hadn't been annuitized. A revocable trust was named as the beneficiary. The value of the trust was ~$100K higher than the invested amount. Will this … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,832 satisfied customers
My mother formed an irrevocable Famity Trust when my father
My mother formed an irrevocable Famity Trust when my father died in 2005. My mother died in February 2010. The Family Trust names my oldest sis who lives in Oregon, my middle sis and me who live in Ca… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
If I gift my property under a 1 time lifetime gift exclusion
If I gift my property under a 1 time lifetime gift exclusion to an irrevocable trust and the trust sells the property and converts the proceeds into other, less expensive real property and income bear… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,029 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
My 75 year old sister is living alone in our familys 60-year
My 75 year old sister is living alone in our family's 60-year old single-family house in Belmar, NJ. Before my father died, he set up an irrevocable trust that is solely for the benefit of my sister. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,029 satisfied customers
I live in OC California... My Father had a Living Trust and
I live in OC California... My Father had a Living Trust which include all of his savings & checking accts, his home, etc. Upon his death my sister as executor of the trust sold off his property and fr… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,242 satisfied customers
I have an Irrevocable trust which owns real estate gifted ...
I have an Irrevocable trust which owns real estate gifted to that trust in 2000. Fair market value in 2000 was $165K and recently sold for $205K. Obviously there is no exemption for living in the prop… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
My father passed away in 1985 in Pasadena, CA.. My Federal ...
My father passed away in 1985 in Pasadena, CA.. My Federal Judge sister was the Executor. She never showed me his Trust or Will which I requested sevcral times. She merely showed me that I was to rece… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
In calculating the net capital gains from the sale of a ...
In calculating the net capital gains from the sale of a house inherited through a living trust: On execution of the trust, title to the house was transfered to the trustees who subsequently sold the p… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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