The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: inheritance of house - sale||Date: 1/18/2013 11:02 PM|
|Author: RBMunkin||Number: 117400 of 122922|
"Just because taxable income is different doesn't mean that the CPA doesn't know what he is doing."
Update: here's what he's telling us now. The Estate is selling the house to the one sibling and then the estate is passing on the sale funds to the other two siblings. Thus they can take a loss on the sale of the house even though it is being sold to a relation.
I could be wrong, but I just get a gut feeling this guy is shooting from the hip just to help his client (the sibling being sold the house). The sibling is selling it to his brother and sister at a certain price and part of his pricing of the house is convincing his brother and sister that it's better than it sounds because they can take a big loss.
But if the ESTATE is selling the house, then why would they get to take a loss at all since THEY are not selling the house? Is the Estate passing the loss through?
Also, the CPA has "valued" the house at a price that we think is terribly inflated. I put "valued" in quotes because I suspect another seat of the pants shenanigans and not an actual appraiser. They supposedly have a document of some kind, which I'm going to insist on seeing. Does it HAVE to be from an appraiser, or are other methods allowable?
I'll call the CPA on Monday and talk to him directly.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|