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Entering a loss on estate property asset

I am using Quicken Home, Business & Rental Property to manage my sister's estate for more than a year. As part of the estate, we have just sold her principal residence. This was purchased in 2016 for 1.6M. One month after her death, it was appraised for 1.3M. In Q, I had created an asset account for the home with an entry of 1.3M. There was a linked mortgage liability for 500K.

We have just sold the house for 1.1M After fees/commissions and loan payoff, the net was 550K in cash to the estate. In my transactions, I have transferred 1.1M from the asset to the escrow account. I then paid the mortgage and expenses from the escrow account. The remaining value of the escrow account matches my actual escrow account.

My issue is that the asset (principal residence) is still carrying a value of 200K. I want to write off the 200K and show it as a capital loss. I still have several properties to sell and expect to have a similar situation with a couple more.

Thanks.

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    edited July 2020
    I was wrong, I forgot that in the case of an death/estate that the appraised value does become the value of the house for the records. 
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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    If no one lived in the house from the time of death to the date of sale it's considered an investment property and a capital losses recorded.

    Simply create a "Capital loss" Category and write the remainder of the asset off to that Category.
  • Mark35004
    Mark35004 Member
    Thank you both very much for taking the time to respond. Slightly embarrassed at how simple the solution was. Much appreciated.
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