captainsmith
Junior Member
What is the name of your state (only U.S. law)? CO
My Mother put her home and a rental home into a living trust. The trust had to sell the rental home to pay for her care. Rental home sold for $400K; originally cost $100K 30yrs. ago. $50K of the proceeds was spent on her care until she died. She died this year leaving the balance + her home in the trust. I am the beneficiary. How is that taxed? How about when my Mother's home is eventually sold?
My Mother put her home and a rental home into a living trust. The trust had to sell the rental home to pay for her care. Rental home sold for $400K; originally cost $100K 30yrs. ago. $50K of the proceeds was spent on her care until she died. She died this year leaving the balance + her home in the trust. I am the beneficiary. How is that taxed? How about when my Mother's home is eventually sold?