Can an estate deduct a loss on the sale of the decedent's personal residence.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on August 1, 1998. The length of the article is 1365 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: IRS Service Center Advice Memorandum 1998-012 provides guidance regarding the deductibility by estate beneficiaries of losses from sales of decedents' personal residences. The general rule is nondeductibility due to estates being treated as individuals for tax purposes. The memorandum appears to include as nondeductible losses those claimed by estates which have converted such residences to rental properties. The IRS also supported its position by stating that losses generally do not pass through to beneficiaries.

Citation Details
Title: Can an estate deduct a loss on the sale of the decedent's personal residence.
Author: Marc A. Aaronson
Publication:The Tax Adviser (Magazine/Journal)
Date: August 1, 1998
Publisher: American Institute of CPA's
Volume: 29 Issue: n8 Page: 522(2)

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