capital gains question - Posted by John
Posted by John on June 30, 2003 at 13:38:38:
I have a property that was in my name for a little over a year, thus qualifying me for long term capital gains. I have started using land trusts now and have deeded it to a trust with an LLC as beneficiary. It is a single member so it flows through to my personal return. If i sell the property now that it is in a trust, do i get the long term gains since the property is now owned by the trust for only a few months? Also do i have to treat the transfer of title to a land trust as a sale and recapture the depretiation for the 13 months it was in my name? Thanks! Great site!