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D.C. Homestead Deduction: What If The Property Is Titled In The Name Of My Trust?

Written by Todd Ewing on . Posted in Article.

Do you qualify for the D.C. Homestead Deduction if the property is titled in the name of your trust?

Yes, assuming you occupy the property as your principal residence and you are the grantor, settlor, or trustor, and a beneficiary of the revocable trust.  D.C. regs define “revocable” to mean “that the grantor, settlor, transferor, creator or trustor of the trust has the right to recover property transferred to the trust and to end the trust at any time, thereby regaining absolute ownership of the trust property.”  Further, “[A] trust is revocable if the grantor, settlor or trustor expressly reserves the power to revoke the trust under the terms of the trust instrument.” For purposes of D.C. Code §§47-849 through 47-850.03 and 47-863: See DC Regs § 9 DCMR 337

 

Other types of trusts and partnerships may also qualify for the D.C. Homestead Deduction benefits.  For more information or questions, please contact one of our staff attorneys at [email protected].

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Todd Ewing
Todd Ewing is an entrepreneur and attorney. After receiving his law degree from Drake University, Ewing left his home state of Iowa for opportunity in the Capital Region.He launched Federal Title & Escrow Company in 1996. The company that began on a piece of plywood strewn across a couple of sawhorses in a tiny office in Tenleytown had a unique premise: Give back to homebuyers what other title companies kick back to their referral sources.The innovative REALCredit™ distinguished Federal Title from its competitors and helped move Federal Title to the top echelon of independent title companies in the United States.A perennial trail blazer, over the years Ewing has also introduced one of the title industry’s first paperless closing workflows and a mobile app known as Close It! that was first to pinpoint for buyers, sellers and agents exactly how much cash would traverse the closing table during settlement.Ewing is an active outdoorsman who enjoys golf as well as hunting and fishing.
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dc homestead deduction

Todd Ewing

Todd Ewing is an entrepreneur and attorney. After receiving his law degree from Drake University, Ewing left his home state of Iowa for opportunity in the Capital Region.He launched Federal Title & Escrow Company in 1996. The company that began on a piece of plywood strewn across a couple of sawhorses in a tiny office in Tenleytown had a unique premise: Give back to homebuyers what other title companies kick back to their referral sources.The innovative REALCredit™ distinguished Federal Title from its competitors and helped move Federal Title to the top echelon of independent title companies in the United States.A perennial trail blazer, over the years Ewing has also introduced one of the title industry’s first paperless closing workflows and a mobile app known as Close It! that was first to pinpoint for buyers, sellers and agents exactly how much cash would traverse the closing table during settlement.Ewing is an active outdoorsman who enjoys golf as well as hunting and fishing.