1041 Sale of Home - Is Loss Allowed

Forum|Forum|5 years ago
May 5, 2021
7 replies
31 views

I have a $31,000 loss on sale of residence. Property was immediately put on the market and sold with a year of decedent's death, no beneficiaries living in the home. Can the loss be taken?

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

If sold right after death, FMV and sales price are the same and you usually end up with a loss for the closing costs/commissions paid out.

IRonMaN

Level 15

Yes - as long as it was qualified appraisal that created the loss.

Slava Ukraini!

E

ea_rva aka acctgtaxmattersAuthor

Level 5

There is not an appraisal but rather based on county assessment posted on county website. This is the value my client used for initial inventory at DOD.

Just-Lisa-Now-

Answer

Intuit Community Champion

If sold right after death, FMV and sales price are the same and you usually end up with a loss for the closing costs/commissions paid out.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

qbteachmt

Level 15

You started this as a duplicate, here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/1041-expenses-for-decedent-s-residence/01/162327/highlight/false#M86994

Now you have it in two places and the peers are trying to help in two places.

Please, don't keep updating Two Topics with the same info. You are making the volunteers do twice the work, for one thing. There is no need to keep starting new topics on the same issue. Just keep updating the first discussion you have, to get cohesive assistance from peer users here. Thanks.

Don't yell at us; we're volunteers

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