Legal Question in Wills and Trusts in Georgia
my mother died last year and left her home to my brother and myself in her will. the house was still in her name when we sold it to an individual who buys up houses for rental property. we only owned the house for the length of time it took to sign the house over to us and then we signed the papers to sell the house to the previously mentioned individual. do we claim the money we received from the sale of the house as income and if so can we claim any type of loss because we sold the house for less than the fair market value.
Asked on 1/12/10, 9:18 am
2 Answers from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Ask your accountant.
Answered on 1/17/10, 9:40 am
Charles W. Field
Charles W. Field, Attorney at Law
You need to ask a CPA, not a lawyer.
Answered on 1/17/10, 12:36 pm
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