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J
jlew1229
Level 5
April 22, 2022
Question

testamentary trust- sale of primary residence

  • April 22, 2022
  • 1 reply
  • 1 view

A testamentary trust was created in 2014.   The Primary residence was part of the trust.   It recently sold at a loss.  Can the trust take this loss?   or since it was the primary residence the loss is not allowed?   

Thank you in advance for your help

Jacquie 

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
April 22, 2022

When did the testator die?

How was the house being used between date of death and date of sale?

 

The more I know the more I don’t know.
J
jlew1229Author
Level 5
April 25, 2022

Passed away in 2014.  Spouse has been using it as a primary residence since then and up until the date of sale.   

sjrcpa
sjrcpa
Level 15
April 25, 2022

No loss allowed since it was used personally by a beneficiary.

The more I know the more I don’t know.
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