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Posted by Barbara on April 2, 2008, 5:54 pm
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Hopefuly someone with more expertise than I have can enlighten me with
an answer.
Scenario. NJ couple lived in home well over 5 years. House was in
his name and when he died 8/05, house was put into his irrevocable
trust. Widow and young child continued to live there. Widow/Trustee
sold house 7/07 to move to new house in another state, closer to
family. (Sale/exchange of property allowed by terms of trust
document.)
Even after step up to '05 appraised value, there is a 20k gain.
Question. Does the gain qualify for the exclusion? It would if the
estate sold or if it was in a living trust, but I'm not sure about it
being in the irrevocable bypass trust.
Thanks for any help here.
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