Discussion:Your opinion on personal res received in estate

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Revision as of 23:17, 29 January 2009
Kevinh5 (Talk | contribs)
(Great to see you)
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Woodstock (Talk | contribs)
(Hey Kevin - Than)
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NO, the basis would be FMV at date of death, which sounds like $30,000}} NO, the basis would be FMV at date of death, which sounds like $30,000}}
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 +{{ForumReplyPost|UserID=Woodstock|Date=29 January 2009|Text=Hey Kevin - Thanks! I am glad to be back with fantastically absurd questions! HA!
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 +I was wondering about that, except that he died two months or so after the hurricane. I think he died before the insurance money was even paid out. What do you think about that?
 +}}

Revision as of 23:20, 29 January 2009

Discussion Forum Index --> Advanced Tax Questions --> Your opinion on personal res received in estate
Discussion Forum Index --> Tax Questions --> Your opinion on personal res received in estate

Woodstock (talk|edits) said:

29 January 2009
Happy Tax Season Everyone!

Facts:

1. Decedent lived in New Orleans and home was demolished (for the most part)in Katrina. He received insurance proceeds of $87,000. He originally purchased home for $89,000. He had paid the original loan off in whole. 2. The home was not rebuilt, because decedent became ill and consequently died. Money went to pay medical bills. 3. Heirs received home. In 2008, home was sold to State of Louisiana for $30,000.

My questions: 1. Is the basis for the property considered the $87,000 that the insurance repaid to the owner? Is this to be considered an adequate appraisal? 2. If so, then the heirs should be able to claim a loss on the property of $57,000?

Any insight is greatly appreciated!

Kevinh5 (talk|edits) said:

29 January 2009
Great to see you Woodstock!!!

NO, the basis would be FMV at date of death, which sounds like $30,000

Woodstock (talk|edits) said:

29 January 2009
Hey Kevin - Thanks! I am glad to be back with fantastically absurd questions! HA!

I was wondering about that, except that he died two months or so after the hurricane. I think he died before the insurance money was even paid out. What do you think about that?

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