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Did you know? Home Inheritance

Did you know? Home Inheritance

Did you know you could report a loss on the sale of an inherited home?

When you inherit a home, unless you personally occupy the home or convert it to business property, it becomes investment property in your hands! Thus any subsequent gain or loss is deductible as an investment gain or loss on Schedule D.

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Lee Reams, BSME, EA

Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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