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| Surviving spouse dies with a rental property in her estate. Valued at $630,000 at date of death. Asset is distributed out as tennants in common to beneficiaries 7 months later. One of the beneficiary buys it at that time from the others, when the appraised value has reduced to $585,000. Do the other beneficaries have a loss they can realize?
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Member
 
Group: Forum Members
Last Login: 12/17/2009 4:06:12 PM
Posts: 38,
Visits: 774
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Hello, Anonymous,
Yes, it sounds like a capital loss to me.
Bill Downs
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| If the buying and selling beneficiaries are related, you need to make sure you don't run afoul of IRC Section 267.
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| they are related, mother and daughters
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