Executor
Returning Member

Trust inherited a rental house with an appraisal. House was sold below appraised value and closing was 100 days after inheritance. Cost basis - appraisal or sales price?

 

Investors & landlords

If you claim the appraisal, the trust may have a deductible loss?  However, if you are audited, unless something material happened in those 100 days to the house or the local real estate market to affect the value, I suspect the IRS position would be that the sales price was the true FMV. 

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bobalv
New Member

Investors & landlords

my brother and I inherited mothers house in a trust appraised for $260,000. Sold for $260,000. I received half of sales price commission paid out of trust

bobalv
New Member

Investors & landlords

I don't necessarily want to claim expenses. I just don't understand how to use the program. I need to do an amended return>

bobalv
New Member

Investors & landlords

I need to know how to use the program to file amended return I don't understand how to use the program to file 1099-S

bobalv
New Member

Investors & landlords

APPRAISAL VALUE

Investors & landlords

@bobalv     WHO sold the home?   You or the Trust ?    Whose name &  SS# or EIN  is on that 1099-S form?