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jacsplace1
January 22, 2025
Question

What is the tax liabilkity of a home sold out of a trust after trust owners death?

  • January 22, 2025
  • 1 reply
  • 0 views
I'm in CA

    1 reply

    R
    RobertB4444
    January 22, 2025

    The trust will need to show the sale of the property.  It will subtract from the sale price the basis that the trust had in the house which will depend on when it was transferred into the trust.  Tax is owed on any profit made on the sale.

     

    Use TurboTax for Business to create a 1041 return.  

     

    @jacsplace1 

     

     

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