How to save most taxes when selling rental home in irrevocable trust? Max amount taxed? 20% to trustee?
Jeffrey Lippman ∙ September 10, 2019
This question should also be directed to your tax professionals. If you do not have one, LegalZoom offers tax professional consultations as well. Another point is that in an Irrevocable Trust, only the independent third party Trustee(s) can decide to sell any asset. Taxes vary based on the length of time the asset has been held and other factors. I urge you to schedule consultations with your LegalZoom provider law firm and a LegalZoom tax professional.
Jeffrey Lippman's offices are located in Leesburg, Virginia. Mr. Lippman is licensed to practice law in the District of Columbia and the state of Maryland, and his comments may only apply to those jurisdictions. If your question applies to a different jurisdiction you should check with an attorney in that jurisdiction. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation and any information you provide is not protected by attorney-client privilege.
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