The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Inherited house Date:  3/5/2003  9:39 AM
Author:  confusedemmy Number:  64295 of 127513

Hi there - jumping in on this one, due to the fact that this just happened to my family. In our case, the estate executor went to H&R Block (just stating the facts) for both last year and this year, and this is what we were given:

Based on the <iassessed/> value of the house (221,583) and the <iselling/> price (180K), we 3 were able to each file for a long term capital loss on part II of schedule D. The Description is "inherited house". This will carry over at max. 3K/year until the total (which was 13,861/person) is gone.

Hope this helps. Please anyone correct me if thre is a problem with this!

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us