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    jsu0272n's Avatar
    jsu0272n Posts: 33, Reputation: 2
    Junior Member
    		  
    #1

    Apr 8, 2011, 09:11 AM
    One of my family members recently sold a home that was inherited.
    One of my family members recently sold a home that was inherited. They sold it for less than the appraised value can this be claimed as a loss on this years taxes ,and if so what has to be done.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 15, 2011, 01:18 PM
    The basis for the home was the Fair Market Value at the time of the death of the decedent.

    If the house sold for LESS than that FMV, report the sale, but you cannot claim any loss on the sale because the house is a personal asset.

    If you need professional help filing your return, email me at [email protected] or [email protected].
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