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Level 2
May 31, 2019
Solved

If a Trust sells a home, can the Trustee take the $250,000 capital gain exemption if the Beneficiary lived in the home until the sale?

  • May 31, 2019
  • 12 replies
  • 138 views
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    Best answer by Anonymous_
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    12 replies

    Critter
    Level 15
    May 31, 2019
    Revocable trust?
    tonybonoAuthor
    Level 2
    May 31, 2019
    Irrevocable Trust
    Level 15
    May 31, 2019
    No text available
    Critter
    Level 15
    May 31, 2019
    The exclusion is generally $250,000 but can be increased to $500,000 if the sellers are married and file a joint tax return for the year of the sale, and both have met the use test for the house. Generally the exclusion is available only to an individual, because an entity, such as a trust, cannot use a house as a principal residence.