Question: I’m 94 years of age and own a home in Massachusetts. When I pass, will my heirs be able to take the $250,000 federal deduction that I would have been entitled to if I have been [...]

Question: Can the Section 121 $250,000 capital gains tax exclusion apply when home is the remainderman’s principal residence? The property is in a life estate and both the life tenant and the [...]

Question: I am  the successor trustee for my grandma who lives in Arizona. She has a home in California in her trust. I’m planning on selling the house when it’s time. My question is [...]

Question: I created a living revocable trust and sold a house that was in the trust. The purchase price was $115,000 and we made improvements which cost $7,800, which brings the cost basis to [...]

Question: This is a divorce question regarding how capitol gain taxes apply if one spouse would like to “buy” the other spouse out. What is their tax basis after the divorce and is [...]

Question: We recently sold my father’s home which was in a trust. My sister lived with my father from the 1990 until my father died in 2005, and continued to live at the property until 2022 [...]

Question: If two spouses deed their primary home, within one year of one spouse’s passing, from their living trust to the ill spouse, and the ill spouse had willed everything to a [...]

Question: In California, can I have my parents deed their house to me as compensation for taking care of them? It has been 5 years and I am drowning. Response: I don’t practice in [...]