Stuart Bronstein <spamtrap[at]lexregia.com> wrote:

- quote -

OK, thanks

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t.greenfield[at]verizon.net (Terry) wrote

- quote -

Nobody can give you advice without substantial amount of
additional information:

1. What state are you in? Is it a community property state?

2. What does the trust say?

3. Did your parents have combined net assets of more than
$1,000,000? If so, was their house, or part of it, put
into a marital bypass trust?

4. How long were your parents married?

5. When did they buy the house?

6. Where did the money come from to buy the house?

There may also be other issues that I haven't thought of off
the top of my head. But you really need to see a local
professional, who can ask you all the right questions, get
all the proper answers, and then give you the information
you need.

Stu

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Mom & Dad had their house in a trust with my siblings and
myself as trustees. Dad died in 2002. Mom was in a nursing
home since 1999. We sold the house in July 2003 with the
proceeds split something like 40-20-20-20 (Mom &3 kids) then
Mom passed away about 4 weeks later.

To calculate basis, at what point did the children inherit?
At the time the trust was drawn, Dad's death or settlement?
What is the basis amount,for each person, the net sale price
using the splits above or the actual net sales price?

TIA,
Terry

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