I think I've got the answer for this from reading other posts on the subject, but need to know which software to purchase. Sister in law's spouse created a Living Trust and transferred the deed to his home to the trust. He is now diseased. We needed to set up Trust account (at Wells Fargo with EIN) to receive the proceeds from the sale. Since they lived there 20 years as their only residence, and the proceeds were more than $500k (She is now single). She used a 95% of the money toward her new home.
- Am I correct in assuming that these proceeds ($250k) still qualify for the home sale exclusion / Exemption?
- Also which TAX software is needed to file Trust sale (with EIN). I always use Home & Business. If Separate software is assumed, Is this mean 2 separate returns (one for Trust / one for personal) ?
Thank you.
