$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
Qualified domestic relations order (QDRO)
A specialized domestic relations court order that conforms to IRS regulations and provides instructions to pension plan administrators and IRA custodians as to how to pay benefits to a divorced spouse.
