My wife and I owned a home together, which was part or a Revocable Trust. She passed away in May, 2010, that made me the surviving trustee. Therefore the home became mine. Is this considered an inheritance?
joeking918, I am sorry for your los.
Why are you asking this question? Is TT asking you about it? Context would be helpful to answering your question.
But I fear this is a reallly a question for the local attorney that drafted the trust. It will depend upon state law (community property state?) and how the trust was drafted. Perhaps also whether part of the trust became irrevocable upon your spouses passing, and possibly your relative contributions to the purchase. The house may not have become "yours." It may be yours in your role as Trustee of the trust, which may be irrevocable.
Although not obvious, I think is actually a subtle legal issue and not really suited for a public volunteer forum.
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