My mother put my sister and me in a revocable trust on her house deed, which she sold. Can I claim part of mom's cost basis to defray tax?
- STEVEN FLv 72 months ago
You WERE the beneficiary of a trust that no longer exists which sold the house and any tax impact was to the trust and/or your mother. This has NOTHING to do with you in ANY way.
In fact, IF you had inherited the house, you couldn't have had a deductible loss in any case, so it wouldn't have reduced your tax liability.
- Casey YLv 72 months ago
You didn't own the home, no basis for any tax benefits to you.
- roderick_youngLv 72 months ago
I think the house had to be taken out of the trust in order to be sold (or an equity loan taken, or similar financial dealings). If that wasn't explicitly done, then the act of selling did it. No tax effect on you or your sister.
- NALv 72 months ago
A revocable trust is simply a way to organize assets. The trust has no impact on you--a beneficiary--until mom dies. Any taxes owed are hers alone.
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- 2 months ago
Defray what tax? The capital gains tax?
- babyboomer1001Lv 72 months ago
If she sold it, then you were never on the deed. The trust may have been noted on the deed but that's all. You were only a beneficiary. You have zero rights and since she sold it, that part of the trust is void. Even if it were not sold, you would not have any rights to it until she is dead. That is when property passes from a Will or a Trust, and not until.
- JudyLv 72 months ago
To pay WHAT tax?