More details to this question:
Father passed away. he had two properties in a trust. I was told to sell the properties in the trust and put funds into trust account than dispurse to the successors. my brother and I. my brother got advise from some CPA saying to put in our name 1st than sell. which I think is completely wrong. how do we sell the properties so we dont get taxed.
1 ANSWER
There should not be a different income tax treatment whether in the trust or not in the trust when sold. Either way the capital gains tax is based on the appreciation of the house between date of death and date of sale. Be sure you file a parent-child exclusion form, with the county assessor, BEFORE the sales close. You could get hit with a supplemental property tax if you fail to do that. Good luck with your sale.
Answered on Nov 06th, 2014 at 9:52 AM