Borneo Diver
Junior Member
What is the name of your state (only U.S. law)? Arizona
When my Father died he had a trust which left his estate, including a house to be divided between his children. We had the house appraised to establish the step-up basis and put it on the market, selling it within four months for less than the appraisal. The total value of the estate was less than $500K. Are we allowed to claim the difference between appraisal and sale price as a loss? And if so is it a short term or long term capital loss? Thanks for your help
When my Father died he had a trust which left his estate, including a house to be divided between his children. We had the house appraised to establish the step-up basis and put it on the market, selling it within four months for less than the appraisal. The total value of the estate was less than $500K. Are we allowed to claim the difference between appraisal and sale price as a loss? And if so is it a short term or long term capital loss? Thanks for your help