My wife was left a house from here mother's trust, who passed away in July 2022. The brother is the trustee. He did not want to change title over to my wife until the estate is ready for full and final distribution. (Still waiting for this to happen)
He did say we could sell the property earlier. So we put the house up for sale last summer June 2023. The house sold in a couple of weeks. The closing was done between the buyer and the brother (as trustee for the estate of . . .). The house closed for $100K less than the appraised value.
My question is can we claim the $100K tax loss or did we loose this opportunity because we were not the official owners at the time of sale?
He did say we could sell the property earlier. So we put the house up for sale last summer June 2023. The house sold in a couple of weeks. The closing was done between the buyer and the brother (as trustee for the estate of . . .). The house closed for $100K less than the appraised value.
My question is can we claim the $100K tax loss or did we loose this opportunity because we were not the official owners at the time of sale?
Statistics: Posted by bell7809 — Tue Jan 16, 2024 5:32 pm — Replies 3 — Views 159