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1stof1st
Oct 29, 2009, 11:45 AM
My mother will be moving in with my brother after extensive renovations to his home. Her home is in an irrevocable trust (my father died 2 1/2 years ago). Will she get a lifetime exclusion of $250k, $500k or none because the house is in a trust- along with 70k cash). If she has to pay taxes, can the renovations to her son's home for her be deducted? ie added to her cash basis?