Legal Question in Wills and Trusts in Ohio
trust
When your house is set up in a trust,is
it's value determined at that time? This
is a house purchased years previous in
joint names.
Asked on 1/29/09, 12:11 pm
1 Answer from Attorneys
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
Re: trust
If this is a house that you have held jointly and then transferred it to a trust which is revocable then the value or income tax basis would be equal to the original purchase price plus any improvements to the property.
This is general information and is not intended as legal advise.
Answered on 1/29/09, 2:02 pm
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