trust expired/property sold/who owes what?

[lyfsayvur]

What is the name of your state? California

O.k...here goes. My mother and 7 cousins are the beneficiaries of a trust that just expired. The trust consisted of one property and an account. The property was sold and the proceeds distributed. Each beneficiary recieved $432,000. Does anyone know what tax rules apply to this money? Is it capital gains or inheritance? Any info is appreciated.

 

[divgradcurl]

What is the name of your state? California

O.k...here goes. My mother and 7 cousins are the beneficiaries of a trust that just expired. The trust consisted of one property and an account. The property was sold and the proceeds distributed. Each beneficiary recieved $432,000. Does anyone know what tax rules apply to this money? Is it capital gains or inheritance? Any info is appreciated.

With that much money on the line, go see an accountant or a tax lawyer. There's most likely going to be a pretty big tax bill either way, so you need to go see a pro to figure out how to minimize your tax burden if possible, although it may be too late. But taxes you will have, that's for sure!