Timothy B. asked
My two brothers and I were bought out of real estate that was in a Trust, our total buyout was for $150,000.00 with an individual earning of 50k each. What kind of tax does this fall under? Is this just income or does it fall under short/long-term capital gains? We had the property appraised and it appraised at 545k, 1/3 of that is $181k. We took 150k for the buyout.
September 24th, 2024
Adrian M. answered
The tax classification of your buyout depends on the nature of the trust and the duration for which ...
September 24th, 2024
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