$24.95 
Learn more
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.
advertisement
Featured Books
Tax Glossary
Gift tax
Gifts in excess of an $12,000-per-donee annual exclusion are subject to gift tax, but the tax may be offset by a gift tax credit.
