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Housing Capital gains exclusion after transfer to trust?

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Thunderbird

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Nov 9, 2009, 4:34:48 PM11/9/09
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How is the capital gain tax exclusion for residential housing effected
by transfer of the property to a trust?
E.g. bought house for $100K Y2000 (primary residence), transferred
deed to trust in Y2008, property is sold in Y2009 (seller is trust)
for $300K. How is the capital gains tax liability computed?

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D. Stussy

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Nov 9, 2009, 5:33:51 PM11/9/09
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"Thunderbird" <aloy....@gmail.com> wrote in message
news:1706964b-4337-4856...@d10g2000yqh.googlegroups.com...

> How is the capital gain tax exclusion for residential housing effected
> by transfer of the property to a trust?
> E.g. bought house for $100K Y2000 (primary residence), transferred
> deed to trust in Y2008, property is sold in Y2009 (seller is trust)
> for $300K. How is the capital gains tax liability computed?

Grantor trust: No effect. Disregarded for tax purposes. You still get to
exclude your entire $200k of profit.

If you did something else, we will need details on the type of trust you
used.

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