topic 7 children inherit house after mother's death. House was appraised before flood waters @ 161000. After flood house sold for $70000, each child received $10000. Taxes? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/7-children-inherit-house-after-mother-s-death-house-was-appraised-before-flood-waters-161000-after/01/697034#M91913 Thu, 06 Jun 2019 12:56:34 GMT jldu4pe-bellsouth-net 2019-06-06T12:56:34Z 7 children inherit house after mother's death. House was appraised before flood waters @ 161000. After flood house sold for $70000, each child received $10000. Taxes? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/7-children-inherit-house-after-mother-s-death-house-was-appraised-before-flood-waters-161000-after/01/697034#M91913 Thu, 06 Jun 2019 12:56:34 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/7-children-inherit-house-after-mother-s-death-house-was-appraised-before-flood-waters-161000-after/01/697034#M91913 jldu4pe-bellsouth-net 2019-06-06T12:56:34Z Your family's basis in the property is $161,000 (I assume... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/your-family-s-basis-in-the-property-is-161-000-i-assume/01/697038#M91914 <P>Your family's basis in the property is $161,000 (I assume the appraisal was done around the time of death), and the sale proceeds are $70,000, so there is a loss here of $91,000. &nbsp;Due to the flood, this is a casualty loss if there was no insurance coverage to fully compensate the difference.</P><P>The children should claim their share of the loss ($13,000) as casualty losses. &nbsp;Please read on for more help and check out this IRS website as well. &nbsp;<A href="https://www.irs.gov/taxtopics/tc515.html" rel="nofollow" target="_blank">https://www.irs.gov/taxtopics/tc515.html</A></P><P> <A href="https://ttlc.intuit.com/replies/3301959" target="_blank">https://ttlc.intuit.com/replies/3301959</A> <BR /> </P> Thu, 06 Jun 2019 12:56:36 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/your-family-s-basis-in-the-property-is-161-000-i-assume/01/697038#M91914 RichardG 2019-06-06T12:56:36Z
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topic 7 children inherit house after mother's death. House was appraised before flood waters @ 161000. After flood house sold for $70000, each child received $10000. Taxes? in Deductions & credits
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7 children inherit house after mother's death. House was appraised before flood waters @ 161000. After flood house sold for $70000, each child received $10000. Taxes?
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/7-children-inherit-house-after-mother-s-death-house-was-appraised-before-flood-waters-161000-after/01/697034#M91913
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Your family's basis in the property is $161,000 (I assume...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/your-family-s-basis-in-the-property-is-161-000-i-assume/01/697038#M91914
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<P>Your family's basis in the property is $161,000 (I assume the appraisal was done around the time of death), and the sale proceeds are $70,000, so there is a loss here of $91,000. &nbsp;Due to the flood, this is a casualty loss if there was no insurance coverage to fully compensate the difference.</P><P>The children should claim their share of the loss ($13,000) as casualty losses. &nbsp;Please read on for more help and check out this IRS website as well. &nbsp;<A href="https://www.irs.gov/taxtopics/tc515.html" rel="nofollow" target="_blank">https://www.irs.gov/taxtopics/tc515.html</A></P><P> <A href="https://ttlc.intuit.com/replies/3301959" target="_blank">https://ttlc.intuit.com/replies/3301959</A> <BR /> </P>
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