Inheriting a home through a trust can bring up a lot of questions, especially when it comes to taxes and timing. Many beneficiaries don’t realize that when a property is inherited through a trust, its value is usually “stepped up” to the fair market value as of the date of death. That means if the home is sold shortly after often within a year the sale may result in little to no taxable gain. In some cases, after real estate commissions and closing costs, it may even show a loss on paper. Howeve
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Here’s how to put your house into a trust in 3 simple steps. and protect it literally from everyone. Step 1. Create the trust. Sign it. Notarize it. Activate it. And open the trust bank account. That’s how It become real and official. Step two sell your house to your trust at your cost basis. That means if you pay $200k for it You sell it for $200K, no profit, no capital gains, no taxes. The trust gives you the demand note and you record a quick claim and General warranty deed. Now the trust on
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