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Sale of Residence within Estate Expand / Collapse
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Posted 8/26/2008 1:03:22 PM
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Hi,

I have taken losses on sales of personal residences sold by an estate since inherited property becomes investment property even if not rented.  I'm now trying to find law to substantiate my position and haven't found any.  Any ideas?

Thank you, Lisa

Post #647
Posted 8/26/2008 1:33:09 PM
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You might start at Service Center Advice 1998-12.  If you have RIA, look at para I-4512.5.

John Jacobson
Post #648
Posted 8/27/2008 1:44:09 PM


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Lisa,

Take a look at IRS Publication 559, page 16.

There is a Service Center Advice, SCA 198-012 that is narrowly applicable to New York and New Jersey. I'm not sure if this is the item John was referring to.

Bill Downs
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