these circumstances -
Mother passed away in Nov. 2006 Her house was left to three surviving adult children. One child lived in the house until it was sold in 2008 for $200,000. No appraisal done at death but in June,
2007 an appraisal was done and the value was $300,000. Can the $100,000 difference between sale amount and appraisal be deducted as a capital loss ?One answer from a tax professional was yes, it is deductible on Sch. D for the two surviving children that did not live in the house (limit $3000 yr)
this question was on another tax forum and it's not my exact personal situation but I am interested in other opinions if this is a deductible "loss"