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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53684
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I was left my parents house in a trust. My dad died in 2009

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I was left my parents house in a trust. My dad died in 2009 and I sold the house in 2010 for a loss of $30,000.00 can I claim the loss on my taxes? It was not my primary residence, but I did pay expenses and taxes for the house for many years until my dad’s death. I just need to know if i can claim the loss so that i can file a Capital Gains and Loss form. The person doing my taxes said that i can claim $3,000 for 2010 which wont help me this year but could help in future years. What is your take on this situation. Thanks.. Deb
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good morning Deb.....There persone doing your taxes is can use your loss to offset any and all capital gains you have, plus use any additional loss to offset up to $3,000 of ordinary income. The remainder you can roll over to the following year(s) until it has been fully utilized.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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