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SALE OF PRIMARY RESIDENCE IN AN IRREVOCABLE TRUST

  • 1.  SALE OF PRIMARY RESIDENCE IN AN IRREVOCABLE TRUST

    Silver Most Valuable Member
    Posted 02-18-2021 05:16 PM
    Our client transferred his personal residence to an irrevocable trust in April of 2020. The trust does contain a life estate paragraph. Because of the great selling market the client is considering selling the house now. Does the trust have the right to use the Section 121 exclusion? If not can the trust be amended to remove the house if the beneficiaries and the trustees all agree.

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    Gabriel Bentovim
    HOFFMAN & BENTOVIM, CPAs PC
    Commack NY
    631-499-1500
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