Property inherited in 2012....sold in 2013 at less than the accessed value at time of inheritance. Is the difference in accessed value and sale price a normal capital loss, offsetting other gains from mutual funds, etc.???? Any gotchas that I need to worry about???
...Thanks
...Thanks
===========Personal losses are not deductible.
You need to show that its character has changed or that the assessed value was incorrect.
You are assuming it was a personal use property. That was not stated one way or the other by OP.
You are assuming it was a personal use property. That was not stated one way or the other by OP. ===== Correct - I made the assumption, because the OP asked for any "gotchas." That certainly is one.
The inherited property is a house and land that it's located on.
========================================= MODERATOR'S COMMENT: The issue is whether the house is rented out or used by you, not what it consists of.
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