If one is a beneficiary under an estate where a piece of real property is received by a person with a fair market value upon death at $357,000 and is then later sold for $345,000 a year and a half later, the person receiving the property would report at $12,000 long term capital loss on the transaction in the above example.Likewise if the property was appraised at $345,000 upon the person's passing and was sold for $357,000, there would be a $12,000 long term capital gain.