2007-01-28 13:51:55 · 3 answers · asked by Lisa K 2 in Business & Finance ➔ Taxes ➔ United States
Yes you can and I do it for my clients all the time. If you didn't use the property for yourself...if it wasn't personal-use property for you, you must enter it on Schedule D as a capital sale. You must do this whether there was a gain or loss. Your basis would be the fair-market value for the property at the time of death plus all costs you spent to sell the property (improvements, realtor fees, transportation costs).
2007-01-28 14:22:07 · answer #1 · answered by TaxMan 5 · 1⤊ 0⤋
I don't believe so. You need to have it appraised prior to selling it, then sell it for what it's worth. If you sell it for less than it's worth, than you just took your loss right there. I could be wrong, but check with your tax person?
2007-01-28 21:58:09 · answer #2 · answered by icedcoffeeaddict 2 · 0⤊ 3⤋
No, you didn't physically lose any property. If you'd paid more money for a house than you sold it for, THEN you claim a loss.
you didnt lose anything but what 'could have been."
2007-01-28 21:56:47 · answer #3 · answered by Anonymous · 0⤊ 3⤋