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T
Twin
Level 2
June 28, 2020
Question

Loss on sale of inherited house

  • June 28, 2020
  • 4 replies
  • 28 views

I have a client who inherited her mother's home. Why is the loss being disallowed in ProSeries?

This topic has been closed for replies.

4 replies

sjrcpa
sjrcpa
Level 15
June 28, 2020

Losses on personal use property are not allowed. Could that be it?

The more I know the more I don’t know.
    G
    garman22Intuit Community Champion
    Intuit Community Champion
    June 28, 2020

    Inherited loss should be allowed. Its "possible" that the estate has not been finalized......could that be it? I am going on memory here. So, I apologize if I am wrong. 

     

    Or what @sjrcpa  said. 😁

     

    Accountant-Man
    Accountant-Man
    Level 13
    June 28, 2020

    Call it an investment, not a personal asset. Use Schedule D.

    ** I am "Elevating with Intention!"
      M
      mdtao31
      Level 6
      June 28, 2020

      was a "k1" issued 2 u??

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