Posted by Frank 41 on March 20, 2013 at 19:08:04 from (192.183.73.16):
In Reply to: Real Estate taxes posted by Fritz Maurer on March 20, 2013 at 18:28:15:
Your gain will be difference of what the ground was appraised at the time of the trust being set up and what the price is when sold. Here in central IL in the last 10 years, ground has appreciated $10k. So if this trust was set up here in 03 and sold now, you have a $10k gain. I would suggest to take the money and pay the taxes yourself. If the buyer did not pay the taxes you would be SOL big time! Best to check with an accountant or tax lawyer as the laws are always changing. Also the buyer of the taxes will have to be paid. I have seen that interest from 0 to 18%. Good luck, I am sure someone will try to pick the bones.
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