Capital gains

[cowboysmama]

An elderly couple’s home is in an irrevocable trust. The husband dies and the wife goes into a nursing home. If the executor sells the home will there be capital gains taxes since the wife is still living ?

[tagteam]

Clearly, whether there are capital gains will be dependent upon the selling price and the basis.

With respect to the latter, that figure will depend upon the basis the trust took which, in turn, will depend upon the exact language in the trust document (and, obviously, the type of trust).