Federal Tax

SECTION 121 EXCLUSION

  • 1.  SECTION 121 EXCLUSION

    Posted 08-20-2019 03:41 PM
    ​​Husband and wife transferred their primary residence into an irrevocable trust 5 years ago. It is not a defective grantor trust. They did retain a life estate. Am I correct in saying that they qualify for the section 121 exclusion if they sell their home?

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    Dominic Frandina
    CPA
    CASILLO & FRANDINA, LLP
    Floral Park NY
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  • 2.  RE: SECTION 121 EXCLUSION

    Platinum Most Valuable Member
    Posted 08-20-2019 03:46 PM

    Is it a grantor trust ?

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

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    Melville NY  11747

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    AbbyA@KurciasAlhanteCPAs.com

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