Peter Inherited A Mountain Cottage From Her Grandmother

Peter inherited a mountain cottage from her grandmother. The cottage was worth $66K at the time & had a basis to the grandmother of $44K. Estate taxes of $13,200 were paid. After one summer, it was clear Peter would be unable to use the cottage enough to justify keeping it, and he sold it for $60k. How much is Peter’s gain or loss on this sale?

Originally posted 2018-07-10 21:53:17. Republished by Blog Post Promoter