Ask Experts Questions for FREE Help !
Ask
    trusteebeneficiary's Avatar
    trusteebeneficiary Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 21, 2010, 11:07 PM
    trust beneficiary/tax liability
    Is there any tax liability for a successor trustee who is also the beneficiary of the trust and the trustor left the house and other assets to the beneficiary/trustee. The house was sold immediately upon the trustor's death. What taxes would the beneficiary be liable for since the only encumbrance on the property was owed also to the beneficiary but the property had equity over and above the encumbrance. The fair market value/sales price did not exceed $250,000. Will there be a capital gains tax, estate tax, or other taxes that the beneficiary is liable to pay?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jul 22, 2010, 09:07 AM
    Because a trust is involved, and because we cannot review the trust document itself, no answers to your questions will be forthcoming.

    You need to contact a local tax professional with expertise in trusts to get accurate answers.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax expense & tax liability [ 4 Answers ]

What is the difference between tax expense & tax liability

Trust is Beneficiary. Who pays the taxes on Annuity interest? [ 1 Answers ]

My Mother died in 2007 and had a simple Trust. She had a total of five annuities. Two went directly to my sister and I as 50/50 beneficiaries. The other three went into the trust to maintain the home/property until it sells. My sister and I were both issued 1099-I for the money we received from...

Tax liability of beneficiaries on home in trust sold before vs. After death of owner [ 2 Answers ]

Hello, My mother owns a home in CA that she lived in with my father for 50 yrs. My father passed away last August, leaving the home in an irrevocable trust with my mother as his successor. My sister is the next trustee listed on the trust after our mother dies and we are all considering selling...

Estate Tax when beneficiary is Non-US citizen [ 3 Answers ]

As a non US citizen with a deceased spouse, how do I find out if the insurance money that I get is taxed through the estate tax? I know that if the amount I receive from the spouse exceeds 2,000,000 then it is subject to a 45% estate tax. Do my spouses different life insurance policies...

Foreign Tax Deductions Against MD State Tax Liability [ 1 Answers ]

I worked in London for 8 months out of the year. I worked in Maryland the other 4 months. I know how to use foreign tax credits on my federal and social security liabilities. Is there any way to use foreign tax credits against my Maryland State and Local Tax liability? These taxes are for...

View more questions Search