Edie Asker
Junior Member
What is the name of your state (only U.S. law)? California
My mother died in 1992. At that time she had a condo in Oregon in a revocable living trust. My siblings did not want to sell the condo at the time of her death. My brother has been filing tax documents for the trust since her death (17 years ago). Now my siblings are interested in selling the property.
If it is sold while in the trust will the trust have to pay capitol gains on the increase in value since my mother's death?
Would the trust be allowed to distribute all the proceeds from the sale thus giving the tax responsibility to each of us (3 children of the deceased)?
Would we be better off taking the property out of the trust and then selling it as individuals?
How can I find out if the trust would pay less taxes than me?
The condo is not and has never been a primary residence. The condo makes rental income which offsets fees for improvements and maintenance.
My mother died in 1992. At that time she had a condo in Oregon in a revocable living trust. My siblings did not want to sell the condo at the time of her death. My brother has been filing tax documents for the trust since her death (17 years ago). Now my siblings are interested in selling the property.
If it is sold while in the trust will the trust have to pay capitol gains on the increase in value since my mother's death?
Would the trust be allowed to distribute all the proceeds from the sale thus giving the tax responsibility to each of us (3 children of the deceased)?
Would we be better off taking the property out of the trust and then selling it as individuals?
How can I find out if the trust would pay less taxes than me?
The condo is not and has never been a primary residence. The condo makes rental income which offsets fees for improvements and maintenance.