Posted by TJent on June 20, 2005 at 16:48:56:
NT
Bronchick re Land Trust and Capital Gains - Posted by TJent
Posted by TJent on June 14, 2005 at 23:17:01:
I have placed my home in a Land Trust for privacy resons. However, it’s occurred to me that my wife and I may be forfeiting my $500,000 post-sale capital gains exemption (after living in the home for two years) since we now own only a “personal property” interest and no legal or equitable interest in the real estate. Am I right to be concerned?
No problem - Posted by William Bronchick
Posted by William Bronchick on June 19, 2005 at 18:28:53:
The IRS “disregards” a revocable trust for tax reporting. You still “own”
it for federal income tax purposes. See IRC Secs 671-678.