Rik Desmond
Junior Member
What is the name of your state? Iowa
My mother in-law [California] passed away recently and left a house which was set up into a Trust for the 3 siblings to split up equally and sell. One of the siblings [California] has decided to purchase the house from the other 2 siblings and has been approved for the loan. Question? My wife and I reside in Iowa and would like to know if we're required to pay any kind of tax on our portion [approx. $140k] of the money received from the sale? Or is this protected through the Trust ?
Thank You
My mother in-law [California] passed away recently and left a house which was set up into a Trust for the 3 siblings to split up equally and sell. One of the siblings [California] has decided to purchase the house from the other 2 siblings and has been approved for the loan. Question? My wife and I reside in Iowa and would like to know if we're required to pay any kind of tax on our portion [approx. $140k] of the money received from the sale? Or is this protected through the Trust ?
Thank You