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Financial Planning / Tax Strategies
|Subject: Re: inheritance of house - sale||Date: 1/17/2013 5:16 PM|
|Author: irasmilo||Number: 117383 of 119696|
Does this apply if the house was not rented? Having a bear of a time selling Dad's house. He died over a year ago. Unfortunately, the value it was inherited at is less than what he paid for it.
Loss on a personal residence isn't deductible.
Yes, but if the house was inherited and not used by the beneficiary (or family member) as a principal/secondary residence, I would argue that the house is investment property. If sold to an unrelated party, a loss would be a deductible long-term capital loss.
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