undefinedWhat is the name of your state? California
In 1997, my father purchased a property naming myself & him (in a trust) as joint tenants. Three years before my father passed away, he transferred his 1/2 of the property from his trust to me. In his trust documents, he stipulated that I must repay a certain amount of money to the estate & made no mention of the property transfer that had occurred years previous. The trust documents direct the property to be transferred to me, but this had already taken place. Taxes are now due on an amount of money from the trust (capital gains, etc.) Am I liable for the entire amount of the taxes owed for the cost of the property, even though it was no longer in the trust? Technically, I did not inherit it. It was gifted to me while he was living.
Thanks!
In 1997, my father purchased a property naming myself & him (in a trust) as joint tenants. Three years before my father passed away, he transferred his 1/2 of the property from his trust to me. In his trust documents, he stipulated that I must repay a certain amount of money to the estate & made no mention of the property transfer that had occurred years previous. The trust documents direct the property to be transferred to me, but this had already taken place. Taxes are now due on an amount of money from the trust (capital gains, etc.) Am I liable for the entire amount of the taxes owed for the cost of the property, even though it was no longer in the trust? Technically, I did not inherit it. It was gifted to me while he was living.
Thanks!
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