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