Just to put it in full context, here is the entire IRS Quote Tagteam referred to. That solved it for me!Choice to treat the debt as not secured by your home.Yo...
But since the estate itself sold the house (and the 1099-S was made out to the estate), there would be more than $600 in gross income. Yes, Net income is zero ...
You need to step up the basis to the Fair Market Value on date of death. Only the increase in FMV between date of passing and date of sale is subject to capital...
