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Returning Member
posted Jun 5, 2019 11:25:04 AM

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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6 Replies
Level 15
Jun 5, 2019 11:25:06 AM

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. 

New Member
May 24, 2021 1:19:03 PM

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

New Member
May 24, 2021 1:21:32 PM

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>

New Member
May 24, 2021 1:25:36 PM

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

New Member
May 24, 2021 1:27:34 PM

APPRAISAL VALUE

Level 15
May 25, 2021 5:39:23 AM

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