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Finding basis for inherited property
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My uncle died in 2006 and the family house was just sold in 2008. There was no estate because his part of the house was in an irrevocable trust that went to the rest of the family. How can I find the basis for members of the family who inherited various fractions of it on dates ranging from 1963...
Cost basis for inherited property
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My sister & I inherited real estate from our mother. Subsequently, she sold me her portion. I sold the property last year and am not sure what to use as the basis. Do I use the appraised value as of the date I sold or the amount I paid for her portion? For example, the property was worth...
Appraisal as tax basis on inherited property
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My mother passed away on Dec 7. Her house was appraised on January by a state certified appraiser at $135,000. It will sell on April 30 for $90,000. Can beneficiaries take a capital loss of $45000 plus expenses of the sale. More specifically, I guess I should ask if the basis on the house is...
Basis and Expenses on Inherited Property Sale
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My wife and brother-in-law inherited their father's home upon his death 6 months ago. Brother-in-law wants to purchase my wife's share. Brother-in-law is also executor. How do we establish basis, FMV and report sale between siblings of inherited real estate? The plan at the moment is to get...
Basis in inherited property
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I inherited rental real estate property from an uncle that past away 7 years ago. I just now received it because his will gave a life estate to his wife for the income from the property during her life. He owned the property as separate property. She has now passed away and I have received the... View more questions Search
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