What is the name of your state? Alabama
My mother has a revocable living trust that includes property in South Carolina (unimproved lot) that we are about to sell. How do we handle taxes? South Carolina takes 7% from out of state property sales. Do we have to pay Alabama & Federal taxes also? We want to use the money to build a house on another piece of property in the trust. Is there a way to defer capital gains?
My mother has a revocable living trust that includes property in South Carolina (unimproved lot) that we are about to sell. How do we handle taxes? South Carolina takes 7% from out of state property sales. Do we have to pay Alabama & Federal taxes also? We want to use the money to build a house on another piece of property in the trust. Is there a way to defer capital gains?