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Deductions & credits
Thank you so much @gloriah5200
There was no mortgage since my dad built the house on his own without a loan. When my mother died, it was her primary residence, which was named in the trust. We sold the house 9 months after she passed away and put the funds into the trust account.
There was not a loss. Though there may have been a small gain. I presume, based on my research, that we have to pay tax on the difference. Although I have read about a "step up in basis", which means the beneficiaries get a free pass on any capital gains on the increased value of the property. Do you know about this and can you explain?
Thanks again!
March 8, 2021
12:19 PM