My client's home is titled in her husband's trust. She is moved to assistant living center and sold her home. All the research I have done has been pointing to the trust reporting the sale of the home using her husband's DOD (stepped up basis).I can't find anything stating she can get the $250,000 exclusion?
Thanks
"my husband's trust" - covers a lot of ground and doesn't provide any indication of what type of trust it is which would be required to reach a final conclusion.
"she...sold the home" - do you really mean the Trust sold the home? Presumably she cannot sell something that she doesn't own.
1.121-1(c)(3) governs when trusts can take the 121 exclusion - it boils down to grantor trusts. No knowing the actual facts regarding this trust, hard to comment further.
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