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Yes, you can claim a loss on inherited property, but the rules can be complex. The property is generally valued at its fair market value at the time of the decedent's death, which becomes your basis for determining any gain or loss if you sell it. If you sell the inherited property for less than this stepped-up basis, you may be able to claim a loss on your tax return. However, it's advisable to consult a tax professional for guidance specific to your situation.
What else can I help you with?
Does the IRS claim property you have inherited when they have frozen a bank account?
When you inherit property, it becomes your property. The IRS will attach liens or garnishments on such property, including inheritances.
If you construct a house next to an inherited property are you entitled to claim it?
If you construct a house on someone else's property they can demand that you move it or they can deny you access to it. You haven't provided enough detail about the "inherited" property. Perhaps you could expand.
If your exhusband paid for repairs on property you inherited after your marriage can he demand restitution or make a claim on the property if you divorce or you die?
Yes, he may have a valid claim. You should discuss the matter with an attorney who specializes in divorce law.
What is heir property?
It is property that is inherited.
Can a wife in Mississippi inherit her husband's inheritance?
This is a complicated issue. Generally, a wife has no legal claim to any property inherited by her husband during his life. However, she may inherit an interest in any property he owns at the time of his death unless it was bequeathed to some other beneficiary in a valid Will. She may also have a claim to property he inherited if marital assets were used to maintain or improve it. An example would be real property such as a two family home inherited by the husband. If you think your situation is similar to any mentioned above you should consult with an attorney who can explain your rights and options.
Can someone claim loss rent for a property that was sold?
Yes, if the rent arrearage was incurred before the sale.
Can insurance companies find estimates before claim is filed?
It is not likely that an insurance company would be looking for an estimate of damage for an accident if no claim or loss notice has been filed. This is because without a claim or loss notice, then the insurer will generally not be aware that a loss has occurred. It is however common for an insured to get estimates for property damage prior to filing a claim. Minor property damage may often be at or below the insureds deductible and therefore the insured may decide not to file a minor claim based on the obtained estimates.
Do i need executors permission or probate to sell my share of inherited property?
You have to have the rights in the property before you can sell them. Being a named beneficiary does not give you the right to transfer title, though you could quit claim your rights.
What is an entailed property?
Property that can only be inherited by a male.
What does an insurance company do with salvaged personal property?
If an insurer pays for the total loss of personal property, including a car, it usually becomes the owner of the property as part of the resolution of the claim. The property is then sold so that the insurer may recoup some of its loss. There are some entities, such as scrap metal companies that deal in that kind of property. Under some circumstances, the insured wishes to keep the property. That can usually be negotiated, but the payment to the insured on the claim may be adjusted accordingly.
Do I need to file taxes on insurance payment for home repair?
The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).
How should husband take possession of property he inherited?
He should take all the possession of the property he inherited. Of course if the wife did not inherit any of the property.
