My father just passed away in July 2024. I am his personal rep(trustee) for everything. In 2022 my dad set up a revocable living trust and put his house in it. My family had owned the house since 1986. Once he passed away in July 2024 my sisters and I decided to sell it in November 2024. The house was worth $400,000 at that time and we sold it for the same price. With the mortgage getting paid off, money to realtors and lawyers my sisters and I were left a little under $150,000 to split three ways. I was told there was no capital gain or loss so I wouldn’t need to do taxes but to double check. I set up a living trust bank account in my dad’s name at the end of November and I gave my sisters their payments in December/January. I’m going to close the living trust bank account because it’s not being used for anything. Do I need to file taxes for the living trust or am I all set? I did receive a mortgage statement for my dad in his name when I do his individual taxes but I just want to make sure I’m not going to get in any trouble if I don’t do the living trust taxes. I didn’t file anything with the IRS for the living trust so I don’t know if I need to or not.
