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For the house you inherited from your mother, it is as if you bought it for it's fair market value on the date she passed away. From that starting point, add in any fixing up costs or renovations and the costs of selling, and subtract that total from the sale price to get your gain or loss on the sale.


We too are trying to sell Dad's house, and have been for two years in a declining market. If we ever manage to sell it, it will be at a significant loss. It was his residence, never rented, being split between all us siblings.

Is this loss deductible, or is it like a loss on any non-rental residential property?


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