Me and my brother did not live in it. The newphew kept breaking into the house and stealing items that did not belong to him and breaking things. We would call the police and they said his address was on the drivers license and couldn't do anything about. However the police did arrest him for something else and while he was in jail we hurried up and sold the house.
So does this disqualify taking a loss?
Also are we able to reduce the sale price by any closing cost or title fees from the sale closing statement or do just subtract the step up basis from the sell price.
