Amendments to remove home from a Revocable living trust.
I want to remove my home from my living trust so I can sell it . Do I need a lawyer to make this change?
Terry Says
NO! Don’t “remove” it. Just sell it!! Your RLT uses your own SS number. So any capital gains tax (there is a $250,000 exclusion for singles, and $500,000 for married filing jointly) will be reported on your taxes for this year. When you are paid at the time of closing, deposit the proceeds into a Money Market account in the name of your Revocable Living Trust!!