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I want to monetize a 111k capital loss that I have from the…

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I want to monetize...

I want to monetize a 111k capital loss that I have from the sale of my Fathers house which I inherited after he died

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His house was appraised at 960k...I sold it for 850k, which left me with 110,900 capitol loss on my income tax

Submitted: 10 months ago.Category: Tax
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9/25/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 10 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. IS the $960K value when you inherited the property?

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Customer reply replied 10 months ago
He had no will so I had to go thru probate...the appraised value at the time of his death was 960k...I sold the property a 1 year and 2 days after death for 850k...which caused me a110,900k loss
Customer reply replied 10 months ago
I just put that card on file and its good
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 10 months ago

You would be able to claim a long-term loss of $110,900 on schedule D. The amount of the loss is limited to $3,000 per year but you would be able to apply the loss to other capital gains.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 10 months ago

Did you want to try to initiate another phone call. It will not allow me to do it.

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Customer reply replied 10 months ago
I know. I don't want to carry forward...I'm looking for a way to monetize the entire 110,900 at one time...like becoming a partner in a llc and letting them but the credits for 90 cents on the dollar
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 10 months ago

Even if it is in a LLC you would still have a capital loss that is limited to $3,000. Placing the property in a LLC would not change the character of the loss.

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Customer reply replied 10 months ago
thank you
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 10 months ago

It was my pleasure. I was happy to help. If you would take a moment to rate my response I would greatly appreciate it. There should be stars locate above the question. This is the only way that I will receive credit for helping you today. If you have additional questions or need clarification I would be happy to continue the conversation. Thank you.

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