NPChristy
Level 3
10-13-2021
11:03 AM
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Thanks -good advise! The language seems fairly simple, but I'll have someone else review the agreement. The trust has a separate EIN but a 1041 wasn't filed in prior year because there was no income. The only item in the trust is the house.
Once I figure out if there's step-up or not, does the capital gain get taxed to the trust? The $10K shouldn't be taxable to her, correct?