My parents put their home in trust for my sister and I over 10 years ago, and she died in January. We had to do a $7000 of work to get the CO on the deck to sell the house. We closed 2 weeks ago. The house sold within a few thousand dollars of the market price.
There was a loan on another property my mother owed that we paid with monies from the sale of the house.
The remaining money Is for my sister and I is about $190,000 each, after giving $3, 000 promised to my daughter for college.
How do we do this in TT Deluxe, and how do we minimize taxes? Can the trust pay off our auto loans and then get distributed so that we receive less money for taxation purposes?
