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New Member
posted Jul 11, 2020 6:07:38 AM

Do I report the sale of an inherited house if it sold($328,000) for less than its value at probate($329,500)?

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1 Best answer
Level 15
Jul 11, 2020 7:10:04 AM

The transaction should be reported, but the relevant value would be the fair market value on the date of death.

 

See https://www.irs.gov/publications/p559#en_US_2019_publink100099689

1 Replies
Level 15
Jul 11, 2020 7:10:04 AM

The transaction should be reported, but the relevant value would be the fair market value on the date of death.

 

See https://www.irs.gov/publications/p559#en_US_2019_publink100099689