Personal Residence Trust Sample For Tax Purposes
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FAQ
If a QPRT home is sold, then the Grantor has two years to reinvest the proceeds into the purchase of a new home. If this rule is satisfied, then the QPRT status will continue. However, the new home must meet the trust requirements. Further, the trust terms must allow the trust to hold proceeds of a sale.
An irrevocable qualified personal residence trust requires that you transfer the ownership of your home into the trust. Because you are not the owner of the house at the time of your death, the value of the property is not included in your estate, effectively removing it from being subject to estate tax.
The value of that gift is the excess of the value of the property you transferred over the value of the interest you kept. The value of your retained interest is found by multiplying the principal by the present value of an annuity factor for the number of years the trust will run.
Most QPRTs do not generate any income and an income tax return is not typically required. If the property generates income, a Grantor Trust Tax Return, Form 1041, may be required.