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Financial Planning / Tax Strategies
|Subject: Re: inheritance of house - sale||Date: 1/20/2013 12:04 PM|
|Author: vkg||Number: 117429 of 120448|
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.
His office might not be open on Monday. It is a federal holiday.
I don't know about the Estate being a separate entity. To me it doesn't pass the sniff test, but that is only a personal opinion.
Asking to see what the appraisel is based is reasonable, and you should have a copy.
Is the sale price acceptable to you? If it isn't, then that should be addressed separately from the value for the estate.
If it is, you can ignore the tax advice from the CPA. You don't have to take the deduction. It would be 2013 transaction. You have time to decide how much if any of the "loss" to deduct.
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