Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rhughes37
New Member

Mom has two multi family homes in an irrevocable trust. Selling both homes. Does the trust pay capital gains?

 
1 Reply
PhyllisG
New Member

Mom has two multi family homes in an irrevocable trust. Selling both homes. Does the trust pay capital gains?

Capital gains are not income to the irrevocable trusts. They are considered as contributions.  The gains will not be distributed, and the trust will have to pay tax on the profit.

Dynamic AdsDynamic Ads
Privacy Settings
v