North Palm Beach, FL asked in Tax Law for Ohio

Q: Me n my sis inherited trust/house in OH. Will sell. We in FL. Should house be put in our name or leave trust? Tax diff?

We were told cashing check would be easier if house was in our name when sold. However would there be any tax issues if house is in our name when sold as apposed to being in the trusts name.

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1 Lawyer Answer
Andrew Popp
Andrew Popp
  • Cuyahoga Falls, OH
  • Licensed in Ohio

A: The answer is going to depend on the terms of the Trust. The same holds true for the tax consequences. I recommend speaking with an attorney, either via Zoom or in person, to go through things. A detailed analysis of the Trust will be needed to determine what actions would be most beneficial.

Best of luck.

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