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Submitted By: J.
Answered: January 27, 2017 9:00 am
Answered: January 27, 2017 9:00 am
A residence that had been held in a grantor trust was sold following the death of the grantor. The sale price was less than what the grantor paid for the home years ago. Is there a taxable loss?
When a taxpayer dies, the tax basis of the property is the value of the property on the date of death. As such, if property is sold for this date-of-death value, there is no gain or loss.
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Tax Glossary
Standard deduction
A fixed deduction allowed to taxpayers who do not itemize deductions. The amount depends on filing status, age, and blindness.
