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  • 1.  SALE OF PERSONAL RESIDENCE BY IRREVOCABLE TRUST

    Silver Most Valuable Member
    Posted 07-13-2017 11:25 AM
    Can an irrevocable trust that contains language granting a life estate use the 121 (primary residence) exclusion. If so how is that shown on the 1041 return. Can you simply increase the cost basis by $250,000.

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    Gabriel Bentovim
    HOFFMAN & BENTOVIM, CPAs PC
    Commack NY
    631-499-1500
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  • 2.  RE: SALE OF PERSONAL RESIDENCE BY IRREVOCABLE TRUST

    Posted 07-13-2017 04:40 PM
    As far as I know any trust set up as a life estate not only retains the exclusion but retains the star and the enhanced star credit.

    Ronald Seroda CPA
    33 Corsa St.
    Dix Hills, NY 11746
    Tel       (631) 243-0030 
    Fax      (631 )243-0048
    Cell      (631) 275-6847

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