What is the name of your state (only U.S. law)? Hawaii
My sister passed away in 2009 leaving her house in her living trust. Her estate at that time didn't have enough assets to pay estate taxes, so we never created a federal tax id for the trust. We're currently selling the house at a loss for less than the appraised value at the time of her death. In fact, when it sells, it probably won't be enough to cover the principal balance by a few thousand dollars.
My question is, do we need to create a fed tax id for the trust in order to sell the house (I didn't think so since we're selling at a lower price than it was appraised for at the time of her death).
My sister passed away in 2009 leaving her house in her living trust. Her estate at that time didn't have enough assets to pay estate taxes, so we never created a federal tax id for the trust. We're currently selling the house at a loss for less than the appraised value at the time of her death. In fact, when it sells, it probably won't be enough to cover the principal balance by a few thousand dollars.
My question is, do we need to create a fed tax id for the trust in order to sell the house (I didn't think so since we're selling at a lower price than it was appraised for at the time of her death).