DEAR BOB: Before my father died this year, he deeded his house into his living trust, of which my sister and I are successor trustees. His will stipulates that all his property and assets be divided equally amongst his four children (me, my sister and two brothers). We are getting the house ready to sell and expect to net more than $400,000. His original purchase price was $36,000, with no major improvements since then. Because he was single at the time of his death, does his estate owe tax on the profit exceeding $250,000? --Randall G. DEAR RANDALL: No. Unless your late father left a net estate exceeding the current $2 million federal estate-tax exemption, no federal estate tax will be due. The $250,000 principal residence sale tax exemption of Internal Revenue Code 121 applies only to home sales during the seller's lifetime. Purchase Bob Bruss reports online. However, you said your dad's will leaves his assets to the four siblings. But his will has nothing to do with his living trust...
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