House sold after 10 Years
05-26-2011, 06:23 PM
#1
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House sold after 10 Years
After inheriting a house almost 10 years ago... it's been like fishing in a desert.
Took a $20K lump to sell it... is there a tax write-off for selling property for less than it's appraised value?
Took a $20K lump to sell it... is there a tax write-off for selling property for less than it's appraised value?
05-26-2011, 11:30 PM
#3
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If you inherited the house, you have $0 as a basis and could not have lost money due to depreciation.How do you figure on a $20K loss-- was that an aggregate of expenses over time, or the appraised amount minus the sales price?
05-27-2011, 07:04 AM
#4
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Inherited Property
If you inherited property from a decedent who died before 2010, your basis in property you inherit from a decedent is generally one of the following.
* The FMV of the property at the date of the decedent's death.
* The FMV on the alternate valuation date if the personal representative for the estate elects to use alternate valuation.
* The value under the special-use valuation method for real property used in farming or a closely held business if elected for estate tax purposes.
* The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement.
If you inherited property from a decedent who died before 2010, your basis in property you inherit from a decedent is generally one of the following.
* The FMV of the property at the date of the decedent's death.
* The FMV on the alternate valuation date if the personal representative for the estate elects to use alternate valuation.
* The value under the special-use valuation method for real property used in farming or a closely held business if elected for estate tax purposes.
* The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement.
05-27-2011, 10:02 AM
#5
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I stand partially corrected.
If appears that the writeoff is allowable BUT only to offset other capital gains.
Consult a tax attorney for specific instructions.
If appears that the writeoff is allowable BUT only to offset other capital gains.
Consult a tax attorney for specific instructions.
05-27-2011, 10:32 AM
#6
Bent = #1
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