As co-trustees of their mother's revocable living trust (now irrevocable since her death early this year), my wife and her brother have sold (or are selling) the family home and, separately, some adjacent land for a value higher than the property was valued (for estate tax purposes) at her date of death. Two questions:Is the $250,000 exclusion to capital gains tax available to the trust ? Even after the death of the grantor?Does selling the land separately eliminate it from taking advantage of this exclusion because it is no longer associated with the primary residence?Thanks for any guidance.
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