If I were to sell a rental property in NC, originally owned by my father, after his death in 2024 was put in a irrevocable trust. How much tax would I pay on a 365k gain?

[ilona-miskell]

Originally bought for 60k in 1993. Possible sale price $425k

[pk]

@ilona-miskell , assuming that what you are saying is that the property was owned by your father, then put in a revocable trust before his passing. At death of the decedent this trust became irrevocable.  If that is correct then the usual "step-up" to FMV still operates.  If the inheritor(s) now sell this property  with the stepped-up value of FMV, then there should be NO Gain and hence no Capital Gain.

If on the other hand the  property was indeed held in an irrevocable trust, then depending on exact facts and  circumstances, the usual step-up may not apply. In such a case the trust may have to pay capital gain taxes on disposition of the  asset.  A lot depends on the actual  trust document and so I would suggest  that you consult a tax attorney  i.e. if the prop. was indeed held in an irrevocable trust prior to passing of the decedent.