House Being Sold By Deceased Estate

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  • BOB W
    Senior Member
    • Jun 2005
    • 4061

    #1

    House Being Sold By Deceased Estate

    Because of unusual circumstances the decedents estate is selling the home within the estate. there is a gain if decease basis is being used.

    My question, what basis is used when the estate of the deceased is selling the primary residence of the deceased?
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.
  • Bees Knees
    Senior Member
    • May 2005
    • 5456

    #2
    FMV of house on date of death, plus selling costs plus any improvements after death.

    In other words, the estate gets the same step up in basis that a beneficiary gets. The estate is simply another beneficiary.

    Comment

    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872

      #3
      Thinking back

      Originally posted by Bees Knees
      FMV of house on date of death, plus selling costs plus any improvements after death.

      In other words, the estate gets the same step up in basis that a beneficiary gets. The estate is simply another beneficiary.
      Exactly what I had been telling an exeuctor about the house owned by her father who finally passed away. House didn't sell for another two years, and I had advised her about determing FMV as of
      date of death in order to calculate any gain or loss.

      So the house sold,two years later. The lawyer handling sale prepared a form which attested to the fact that it had been a personal residence, and therefore issued no 1099S form.

      Have you ever told , or tried to tell, a client that the lawyer didn't know diddly squat about tax
      law?
      ChEAr$,
      Harlan Lunsford, EA n LA

      Comment

      • S T
        Senior Member
        • Jun 2005
        • 5053

        #4
        Estate

        There is also an election for alternate valuation within 6 months, however it does apply to all assets of the estate.

        Sandy

        Comment

        • BOB W
          Senior Member
          • Jun 2005
          • 4061

          #5
          Thank you all for your replies...........................
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

          Comment

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