jacqieheikes
New Member

What kind of tax is paid on property sold from a trust that was inherited?

My husband's grandmother placed land in a trust in the names of all of the grandkids many years ago, as an inheritance. In order to sell the land, the trust stipulated all of the grandkids  have to have agreed to sell, and they recently have. When the land is sold and the profits are split among the grandkids, what kind of tax do we pay on my husband's share? Is this looked at like an inheritance, or like income (capital gains)?