sale of inherited home

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  • arlo
    Senior Member
    • Feb 2008
    • 285

    #1

    sale of inherited home

    Client Received 1099S 40,000 (Sales Price)
    sales Exp 6.000
    Received net 34.000


    FMV 43.000 (at death)

    LTLoss (9,000)

    I do not do a lot of these but does this look correct?
  • ChEAr$
    Senior Member
    • Dec 2005
    • 3872

    #2
    Originally posted by arlo
    Client Received 1099S 40,000 (Sales Price)
    sales Exp 6.000
    Received net 34.000


    FMV 43.000 (at death)

    LTLoss (9,000)

    I do not do a lot of these but does this look correct?
    well, let's see now.
    43. plus expenses of sale 6 = 49.
    sold for 40..
    Yep.
    ChEAr$,
    Harlan Lunsford, EA n LA

    Comment

    • arlo
      Senior Member
      • Feb 2008
      • 285

      #3
      Sale of Inherited Home

      One other thing. I do not have a copy of the settlement sheet.
      But my thinking is that the difference between the sales and the net amount received
      would be the selling cost. Am I still thinking correct?

      Comment

      • Kram BergGold
        Senior Member
        • Jun 2006
        • 2112

        #4
        Investment or personal

        If anyone was using the home between date of death and sale the loss is personal and not allowed. Also, I hope you have an appraisal of the FMV on date of death. You will need it if audited. We had one so we were home free. If the seller does not have one he should get it now not 2 years from now.

        Comment

        • Gary2
          Senior Member
          • Aug 2010
          • 2066

          #5
          Originally posted by arlo
          One other thing. I do not have a copy of the settlement sheet.
          But my thinking is that the difference between the sales and the net amount received
          would be the selling cost. Am I still thinking correct?
          Probably but not necessarily. Amounts could be held back to clear liens or for other purposes that wouldn't be deductible or adjustments.

          Comment

          • taxea
            Senior Member
            • Nov 2005
            • 4292

            #6
            get the settlement statement or you won't be able to justify your figures if asked.
            Believe nothing you have not personally researched and verified.

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