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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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If my mother passes away and has a home valued at $80,000 and

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If my mother passes away and has a home valued at $80,000 and 2 years later it is sold to a grandson for $63,000 (market appraisel), can the estate take a Loss on sale?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. Does the estate owe the home or a person?
Customer: replied 8 years ago.
Hi the estate owns the home also it has been empty since mothers death
Customer: replied 8 years ago.
Sorry, if this is a duplicate reply, I wasn't sure if I really had repied or not.



Hi the estate owns the home also it has been empty since mothers death
Expert:  Marvin,EA replied 8 years ago.

If the fair market value of the home at the date of death of the decedent was $80,000 and the home was sold for $63,000 the estates have a capital loss in the amount of $17,000. Capital losses incurred by a estates are deductible against capital gains: a maximum of $3,000 of net capital loss bay be deduct against other sources of income. Nondeductible net capital losses are carried forward to subsequent taxable years of the estates.

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