Legal Question in Tax Law in New York

Tax Basis on Sale of House

My inlaws had a trust made in 1997 listing my husband as trustee. They have since passed. My husband has sold this house. What are the taxes based on? The difference between what my inlaws originally bought the house for and what he sold it for? Or the difference of the house value from the time the trust was drawn in 1997 until it was sold in 2008?


Asked on 2/17/09, 3:16 pm

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Tax Basis on Sale of House

The difference between what your inlaws originally bought the house for and what he sold it for.

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Answered on 2/17/09, 3:43 pm


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