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I inherited a house in a trust that i am now selling. Value

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i inherited a house in...
i inherited a house in a trust that i am now selling. Value of house at time of death was 665,000 I am selling for 780,000. i understand 115,000 is the basis can i also deduct relator fees and recent improvement expenses done to sell the house?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: the house is in a trust
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Submitted: 1 year ago.Category: Tax
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7/13/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

At the time of death or 6 month after you would receive a step up in basis to the $665,000. Any improvements that you made on the property would add to this basis. You would be able to deduct any closing costs (relator commissions, etc.). The net result would be the gain. So in your example the $115,000 would be reduced by both improvements and selling costs.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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