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    BeckyM102's Avatar
    BeckyM102 Posts: 2, Reputation: 1
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    #1

    May 12, 2012, 08:02 AM
    Sale of deceased real estate
    I am the trustee of my mother's irrevocable trust. She is now deceased. I am selling the her residence and would like to know if I have to pay federal taxes on the amount I receive from the sale.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    May 12, 2012, 08:22 AM
    How much is the property expected to sell for ?
    BeckyM102's Avatar
    BeckyM102 Posts: 2, Reputation: 1
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    #3

    May 12, 2012, 08:45 AM
    Did you get my reply? Not sure how this site works.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    May 12, 2012, 08:54 AM
    Use the reply or Quick Answer options to reply.

    What were the terms of the trust? When the property was placed in the trust a cost basis was established or should have been. That determines if the trust owes taxes on the sales.
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