topic 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? in Investors & landlords

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?

Executor — Wed, 05 Jun 2019 18:25:04 GMT

If you claim the appraisal, the trust may have a deductib...

Opus 17 — Wed, 05 Jun 2019 18:25:06 GMT

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.

brother and i sold for appraised value there was a sales commision recieved half appraised value

bobalv — Mon, 24 May 2021 20:19:03 GMT

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

Re: If you claim the appraisal, the trust may have a deductib...

bobalv — Mon, 24 May 2021 20:21:32 GMT

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>

Re: If you claim the appraisal, the trust may have a deductib...

bobalv — Mon, 24 May 2021 20:25:36 GMT

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

Re: 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?

bobalv — Mon, 24 May 2021 20:27:34 GMT

APPRAISAL VALUE

Re: 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?

Critter-3 — Tue, 25 May 2021 12:39:23 GMT

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