swongtax
Level 4
01-10-2022
03:53 PM
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Yes, this assumes that the Trustee and beneficiaries have all lived and owned the home within the last 2 out of 5 years prior to the sale.
Unfortunately, it appears that because this is an IRREVOCABLE Trust, it is a separate entity, and the sale happened IN 2021, more than 8 years after the date of death, the Step-up-in-Basis helps, but will not eliminate the capital gain on sale of the home.
THANK YOU to EVERYONE for you quick and wise responses!
SW