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Capital Gains Taxes on Sale of Property Held in a Life Estate

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  • 03-14-2010, 06:17 AM
    tauruz
    Capital Gains Taxes on Sale of Property Held in a Life Estate
    My mother's home has been transferred to a family trust,she has a life estate interest which will be terminated in order to sell the home. I am the trustee. For tax purposes,should the capital gain on the sale be shown on the family trust tax return?
  • 03-15-2010, 05:54 PM
    Mr. Knowitall
    Re: Capital Gains Taxes on Sale of Property Held in a Life Estate
    What's the background here? This was a revocable living trust that is now irrevocable due to your mom's present mental condition?
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