How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55711
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

I was left my parents house in a trust. My dad died in 2009

Resolved Question:

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: 6 years ago.
Category: Tax
Expert:  Richard replied 6 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.



I hope this has given you the guidance you were seeking. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


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.

Richard and 4 other Tax Specialists are ready to help you