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Level 2

Question

Deduction Question

Forum|Forum|6 years ago
February 8, 2020
1 reply
0 views

My father in law recently passed away and his estate was equally divided among three daughters. He owned two homes - one was a primary and the other was a rental property. The houses sold for $36K under assessed value. Are the daughters permitted to equally share this loss - $12K each and reflect this on their taxes as a loss?

Level 12

Yes the daughters can share equally in the loss from the sale of the properties.

Loss on inherited home. A long-term capital loss may be claimed for an inherited home that is not used for personal use and sold at a loss, subject to loss limitations. Except from the Tax Book

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RCE19Author

Level 2

Thanks for the reply - would I need to upgrade my tax program - we purchased Deluxe --I am struggling to find the form(s) we need to complete. What is the max deduction per year for this loss?

Level 12

Yes, you would need to upgrade to Premier to report the sales.

Premier supports Form 8949 Sales and Other Dispositions of Capital Assets and Form 4797 Sales of Business Property.

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