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Loss on sale of inherited house

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Level 1

I have a client who inherited her mother's home. Why is the loss being disallowed in ProSeries?

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4 Replies 4
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Level 15

Losses on personal use property are not allowed. Could that be it?


ex-AllStar
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Level 11
Level 11

Inherited loss should be allowed. Its "possible" that the estate has not been finalized......could that be it? I am going on memory here. So, I apologize if I am wrong. 

 

Or what @sjrcpa  said. 😁

 

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Level 11

Call it an investment, not a personal asset. Use Schedule D.

** I'm still a champion... of the world! Even without The Lounge.
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Level 3

was a "k1" issued 2 u??

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