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    ASTIDIXIE's Avatar
    ASTIDIXIE Posts: 0, Reputation: 1
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    #1

    Jan 9, 2011, 09:55 PM
    House was in a Trust
    Mother passed in Nov 2008, house sold in May 2010, house was in a trust (brother and I) my question is for the income tax purposes.
    This house did not go through probate due to the trust. I am the executor and would like to know how or if I have to claim my half of the money the house sold for
    Thank you for your time
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jan 10, 2011, 11:05 AM
    You must claim the GAIN (if any) on the house between the Fair Market Value of the home from the date your mother died to the date of sale.

    Given the current houseing market in the U.S. this is NOT likely. The sale has to be reported regardless, as the title company will have submitted Form 1099-S to the IRS so report the sale.

    Sorry, but any loss is NOT deductible.
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