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Level 1
June 6, 2019
Question

Sold a home due to death in family and were told as the house sold under appraised value would not owe taxes. do we need to show this? Have not received any tax info

  • June 6, 2019
  • 1 reply
  • 14 views
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1 reply

Level 12
June 6, 2019

No, you will not need to report a capital loss (cost basis is more than net sales proceeds) on the sale of a personal use property. The IRS does not allow the recognition of a capital loss on personal use property.