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Deductions & credits
NCperson, Thanks for your reply and you are so right, it appears that the interaction between trusts and home sales seems very complicated. I'm not a tax accountant and perhaps I need a CPA to work rather than me finding the correct box in the TT income tax trust form. There are many rules, but it appears the end result is that a person (including the beneficiary of a grantor trust) can exclude the gain from the sale of a primary residence that is owned by a trust if they meet the two-year ownership criteria and the trust is correctly worded. I was wondering if folks had experience on how to make that happen in TT.
‎June 30, 2024
8:24 PM