Hi Opus17, your replies to people have been extremely informative and I wanted to reach out to see if you could possibly help me answer what has been a very difficult question that 2 lawyers and an accountant have have not been able to provide me a definitive answer on. Here it is. At what point did my 2 brothers and I became OWNERS of the home we inherited if: We were designated as Co-Successor Trustees of our moms Revocable LIVING TRUST she created in 2018, she passed away in 2019, we became Co-Successor Trustees of all trusts provided for in her Declaration of Trust from 2018, and we filed a grant deed in 2020 removing the house from being in each of our names in the trust to now being in each of our names as tenants in common? The question of when ownership was established will determine if we qualify for a $250k capital gains exclusion on the sale of the home which requires that we have both owned and had the home as our primary residence for 2 of the previous 5 years before sale. Was ownership established when my mom put the house in the trust in 2018 since we were both co successor trustees and beneficiaries? Or when she passed in 2019? Or when the house was removed from the trust when the deed was filed in 2020 making my brother and I tenants in common? My brothers and I own the property equally share and share alike.
