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Whether capital gains taxes are owed when property held in a trust is sold and who pays them depends primarily on the type of trust in question: revocable or irrevocable. For revocable trust, if grantor is alive, trust is not count as a separate entity that means you will report any income, gains and loses on personal return. So if this is revocable trust and property that you will sale is/was your primary resident for 2 out of last 5 year, you will be able to exclude part of the gain (up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.).   If the trust is irrevocable trust, then there are couple of issue to think about. One issue is whether there is a step up in basis. and step up in basis will depend when the property was transferred to trust. From your question, I am assuming it was transferred while granter was alive then you do not get step up basis. Other issue is if irrevocable trusts are required to distribute income to beneficiaries every year, then that makes the trust a pass-through entity. Beneficiaries pay taxes on the income they receive from the trust. So in irrevocable trust, total tax liability will depend on who pays the tax.  Remember, irrevocable trust cannot claim exclusion above 205k and 500k exclusion.  In order to reduce the total gain, make sure include any improvements (Not repairs and maintenance)  made thru out the years to increase your purchase price and remember to deduct any selling expenses.    Please note above info. is just general information for each trust, please consult an Attorney or a  Tax Attorney about the specifics of your circumstances   Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful! **Please cheer or say thanks by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer" Regards, TurboTax Expert

Did you prepare a return for a trust or estate?     https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/turbotax-need-file-return-trust/L8SuK8DZR_US_en_US?uid=me0c6efw   If you used the desktop download for TT Business, the tax return is stored on your own hard drive.  

The "One Big Beautiful Bill Act" (OBBBA) does not directly change the rules for how Social Security benefits are calculated or paid.    What it does is change how your benefits are taxed. The bill gives a new, temporary $6,000 tax deduction to people aged 65 and older. This extra deduction helps in two ways: Lowering your overall tax bill: The deduction reduces your taxable income, so you'll pay less in taxes on your Social Security and any other income you have. Making Social Security tax-free for more people: For many seniors with low to moderate income, this new deduction is big enough to make their Social Security benefits completely tax-free. @IY Thanks for the question.  

1. TRUST TYPES Revocable Living Trust: In a revocable trust, you, as the grantor (creator) and likely the initial trustee, maintain control over the assets, including the ability to sell the property. The sale process is similar to selling it directly as an individual. Irrevocable Trust: With an irrevocable trust, control of the property shifts to the trustee, and potentially the beneficiaries. Selling a house in an irrevocable trust requires strict adherence to the terms outlined in the trust agreement. Testamentary Trust: These trusts are established through a will and become active after the grantor's death. The sale process is guided by the trust's provisions, potentially requiring beneficiary agreement, says Point.com.  2. TAX IMPLICATIONS Capital Gains Tax: Generally, selling a property in a trust can trigger capital gains taxes. Revocable Trusts: The grantor is usually responsible for capital gains taxes and may qualify for the primary residence exclusion (up to $250,000 for individuals, $500,000 for married couples) if they meet the IRS's two-year ownership and use requirements. Irrevocable Trusts: The trust itself is typically responsible for capital gains taxes. The primary residence exclusion usually doesn't apply to irrevocable trusts as the grantor no longer meets the ownership and residency requirements.   With the information provided above you should be able to have a general overview of the possible outcomes of this transaction. Please consult an Attorney or a  Tax Attorney about the specifics of your circumstances. For instance, the lease payments, are they actual lease payments or are they installment payments. The answer to this question would have different tax consequences and you can estimate your tax liabilities in each scenario using a tax software. Tax Calculator 2024  ** Please say "Thanks" by clicking the thumbs up icon in a post *** Mark the post that answers your question by clicking on the "Mark as Best Answer"

what costs? some may be fully deductible, others may be limited, and others may not be deductible at all please review IRS PUB 463 and then if you have additional questions post them back in this thread https://www.irs.gov/pub/irs-pdf/p463.pdf 

The "One Big Beautiful Bill Act" (OBBBA) significantly changes how you can deduct charitable donations, whether you itemize or not. The key changes are set to begin in the 2026 tax year.   Changes for Taxpayers Who Take the Standard Deduction: Up to $1,000 (single) or $2,000 (MFJ) for direct cash gifts to 501(c)(3) charities. This deduction applies to cash contributions made to public charities but excludes donations to donor-advised funds or private non-operating foundations. Changes for Taxpayers Who Itemize: Starting in 2026, you can only deduct charitable contributions that exceed 0.5% of your adjusted gross income (AGI). For high-income taxpayers in the top 37% tax bracket, the value of their itemized charitable deductions will be capped at a 35% marginal rate. @ Hope this helps!! Thanks for the question.      

The new tax law establishes a partial deduction for charitable contributions of individuals who elect to not itemize their taxes. Beginning after December 31, 2025, a charitable donation deduction will be available for those who do not itemize their returns, those taxpayers who take the standard deduction. The deduction amounts to $1,000 for single filers and $2,000 for joint filers.   Also beginning after December 31, 2025, charitable donations for those taxpayers who choose to itemize deductions will have a limitation placed upon the donations. Charitable donations will be allowed in an aggregated amount that exceeds 0.5% of the taxpayer's contribution base, which is the adjusted gross income without any net operating loss carryback. For most taxpayers, this means the taxpayer’s adjusted gross income. You will multiply your adjusted gross income by 0.5% to determine the floor for which charitable donations must exceed before the donations will be deductible.   The 0.5% floor does not apply to tax deductions for individuals who choose the standard deduction mentioned in the previous paragraph.

1. The deductions for overtime and tips are below the line. They do not reduce AGI. 2. Yes, the deductions for seniors, charitable contributions for non-itemizers, and qualified business income are below the line. 3. That is correct. The $6,000 deduction for seniors and the phase-out ranges are not indexed for inflation. I can't comment on what might have been shown in a webinar.