Ask Experts Questions for FREE Help !
Ask
    break20's Avatar
    break20 Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 23, 2014, 07:25 PM
    Reporting Sale of Inherited house
    Upon the death of my mother in 2010 I inherited 1/4 interest in her home. My sibliings and I sold the home AT A LOSS in 2013. Do I report the sale? None of us ever lived in the house however another relative did live there rent free until the house was sold. This relative was not a beneficiary in my mother's will we just let them live in the house. I KNOW if I had a gain I would have to report the sale but I am uncertain as to whether I can take the loss.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Mar 23, 2014, 09:11 PM
    Since the house was NOT your primary home, you MUST report the sale on Schedule D and show NO capital gain.

    If it was your primary home, then the sale would NOT have to be reported.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Sale of Inherited House overseas [ 3 Answers ]

My husband is a US citizen of Costa Rican descent. Before she died, my mother-in-law (NOT USC or LPR) signed her house over to my husband. She died shortly thereafter and now he is selling the house and will divide the money among the heirs. Some of the heirs are US citizens (like my husband)...

Tax on sale of inherited house [ 1 Answers ]

My mother died last year and she left me her house which was under a reverse Mortgage. I plan to sell the house, pay off the reverse mortgage and keep the remaining Profit. What percentage capital gains would be applied to the profit from the house Sale?

Tax reporting of inherited property on an installment sale? [ 1 Answers ]

Here's the deal. Father owned land that he had sold on an installment sale in 1996. Father passed-away March 2010 and I inherited the property. The purchaser from the original installment sale is now making the payments to me. The balance remaining on the note at the time of father's passing is...

Taxes on sale of inherited house [ 2 Answers ]

My father purchased land in 1950, built on the property where he and his wife (my mother) lived until his death in 1979 at which time my mother assumed the full deed. Over several years during the late 1980's, my mother gifted undivided parcels of all the land to her 5 children. We five now are in...

SOS Reporting 1/4 Share of Sale of Inherited Property - OCT 15 tax deadline [ 3 Answers ]

Greetings! My brother was the successor trustee/executor of my mother's estate. She died in 2003 He agreed to split the sale of a FL property between the 4 siblings in exchange for the cash bequests left to the other 3. Property sold in 2008 - was rental business prior to my mother's death,...


View more questions Search