Comments for Basis For Inherited House

Average Rating starstarstarstarstar

Click here to add your own comments

Feb 06, 2012
You Still Owe The Bank
by: Anonymous

Just because your house was appraised at 230,000.00 and you could only get 168,000.00 doesn't mean you don't have to pay the mortgage that is still owed and why if this house was inherited was it sold at auction. If this was your house you should've sold it yourself you would've fetched a higher selling price and not taken such a big loss. And also houses that are appraised for a certain price doesn't mean that's what you're going to get from it during a sale customer demand is what dictates what you can get and right now is not a sellers market. Appraisals on homes that are already owned are usually only good when you want to take out an equity loan.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Return to Basis For Inherited House.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.