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    051110rr's Avatar
    051110rr Posts: 5, Reputation: 1
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    #1

    Nov 8, 2012, 01:34 PM
    Paying taxes on the sales of inherited real estate in trust
    Do I need to add my portion of this sale to my yearly salary?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 8, 2012, 06:09 PM
    Maybe. What did you sell it for and what was the Fair market value at the time of death?
    051110rr's Avatar
    051110rr Posts: 5, Reputation: 1
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    #3

    Nov 9, 2012, 05:43 AM
    House sold at $181,500 with $5,000 back to buyer at closing. The FMV at the time of my mother's death was $174,700.00. I have at least $15,000.00 of expenses.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Nov 9, 2012, 10:23 AM
    Then you have sold at a loss.

    No taxes are due, but the sale MUST be reported on your 2012 tax return.

    The loss is NOT deductible.
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