Trust Inheritance Deed Title and Income Taxes Question

by Gayle
(Troutman, NC)

Trust Inheritance Deed Title and Income Taxes Question

Trust Inheritance Deed Title and Income Taxes Question

Before my Mother passed away in 2010, we put everything of hers into a Trust.

We did not know that the deed (house is paid for) should have been transferred into the Trust.

Now the tax office is saying the Trust is void because we went beyond the statute of limitations on transferring the deed.

We are in probate now. My question is: do we (siblings and I) have to re-do our 2010 taxes to show inheriting her house?


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Jan 20, 2024
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starstarstarstarstar 		Inheriting a House and Tax Implications
by: BB

Inheriting a house usually triggers a reassessment of its value for property tax purposes, but it may not directly impact your income taxes. However, it's essential to consult with a tax professional to ensure accurate reporting.

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Trust Taxes

What rate are trust assets taxed at?

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Jan 20, 2024
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starstarstarstarstar 		Trust Asset Taxation Explained
by: BB

Trusts are subject to a complex tax structure, and the tax rate depends on various factors, including the type of trust, its income, and distribution policies. Consult with a tax professional for accurate advice tailored to your specific trust situation.

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