sale of inherited home

[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?

[ChEAr$]

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.

[arlo]

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?

[Kram BergGold]

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.

[Gary2]

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.

[taxea]

get the settlement statement or you won't be able to justify your figures if asked.