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posted Jan 26, 2022 11:36:58 AM

Capital gains

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 ?

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1 Replies
Level 15
Jan 26, 2022 11:49:59 AM

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).