What to do if I’m the trustee of my mom’s trust and her house is included in the Trust but been being rented out and now we want to sell?
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What to do if I’m the trustee of my mom’s trust and her house is included in the Trust but been being rented out and now we want to sell?
It’s been rented out since she passed away 2 years ago. Will we be taxed on the money we make on the house? Also, we have not filed tax returns on the Trust as there is really only the house and about $10,000 in it. This year there is about $5,000 worth of interest that has been paid on the house. Do we have to file a return?
Asked on January 30, 2013 under Estate Planning, Colorado
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
Obtain yourself an attorney to assist you in the administration of the trust, and fees can be paid from the trust account.
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