Do Revocable Trusts Need a Separate Tax ID Number?Regarding your second question about the trust, the way you own your home shouldn’t matter. You own the property in a trust and the trust states that upon your death, your home goes to your son. Once you pay off the mortgage in full...
Meanwhile, revocable trusts that passed certain criteria can be disregarded. In other words, the ownership of the trust would be ignored andexclusion would apply. How Will the IRS Know That I Sold My House if I Did Not Report it? Even if you do not report the sale of your home to the...
Can My Child Sell the House Immediately After I Give It to Them? Yes, your child can sell the house after you give it to them, but depending on the property's value and their tax basis, they may face steep tax liabilities. If the house appreciates in value, they could owe capital ga...