Real estate transaction with in a trust
My folks, who have now both passed on now, have two properties put in a Trust. The Trust was filed by my parents in Florida. My brother and I are both equally 50/50 trustees. My brother wants to buy me out of one of the Florida properties which I'm Ok with since he needs a house. Am I subject to capital gains tax on this buyout ? What does transaction process look like ? Does my brother deposit funds into the trust account and then the trust pays me out ? Can the funds directly be deposited from his account to mine ? What tax liabilities am I responsible for if any ? Best Regards Mike
This Question Has Not Yet Been Answered.
