Am I understanding correctly? I along with my 3 siblings inherited our mother's dwelling and 50 acres of farmland. The will said that one particular sibling had the right to purchase all of it at 70% of the assessment at death which he did. The property was sold through the estate (Form 1041).
Can the estate take the loss which will be distributed to the four children?
The way I think I'm reading the law.....the heirs can't take the loss since it was sold at a loss to a relative.
Can someone clarify my thoughts or direct me in the right direction?
Thanks.
