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?
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?