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Buying or Selling a Home/selling a home that is in a trust
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Question
mr. denit,
my parents own a condo in colorado ... they are 87 and 85 ... if one of them passes away and the survivor, which now controls the entire trust, wants to sell ... will the survivor have to pay a capital gains tax (since it is in a trust) ... thanks.
rick
Hi Rick,
It would be best to check with a tax professional on that one. The question I have for you, is the property owned by a trust? If the property was a primary residence owned directly by your parents and they occupied it for 2 consecutive years, then any gains would NOT be taxed as capital gains.
My gut tells me that a trust follows the same rules, but again, a tax professional would be the route to go to make sure.
Best,
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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