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    Nov 14, 2012, 04:06 PM
    sale of inherited property
    When I inherited my mom's house a few years back it was valued in probate for $600,000.
    We are planning to sell it in this down market for $450,000 at a loss.
    What is my income tax obligation? Are gross proceeds taxable?
    The house was never rented during this time. We just maintenance and small upgrades.

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