The Ref
Footballguy
In before the "you should definitely ask a football message board and not a tax professional"
Long story short My Mother In Law has one "real" asset left in her name. There is a building near Boston that is in a trust and she owns 70% of said trust. She and the business partner have agreed to sell the building. The building was put into the trust with a value of $250k. They are going to sell the building after all broker fees for $750k.
so now my question is who and how are the taxes paid on the $500k capital gain?
Long story short My Mother In Law has one "real" asset left in her name. There is a building near Boston that is in a trust and she owns 70% of said trust. She and the business partner have agreed to sell the building. The building was put into the trust with a value of $250k. They are going to sell the building after all broker fees for $750k.
so now my question is who and how are the taxes paid on the $500k capital gain?