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If the only asset of an estate is the sale of the personal…

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If the only asset of...
If the only asset of an estate is the sale of the personal residence of the decedent. The sale was for $102,000, and the FMV of the home was for $102,000. Wouldn't that mean that there is no gross income of the estate?
Submitted: 2 years ago.Category: Tax
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Answered in 8 minutes by:
3/7/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - your assessment is correct - there is NO gain based on your information.

For inherited assets - there is so-called stepped basis equals to the fair market value at the time the decedent passed away.

That basis is used to calculate the gain or loss.

So - there is no gain,

but because there are some selling expenses - most likely - you will realize a small loss that may be used to reduce other taxable income.

Let me know if you need any help with reporting.

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