california resident selling condo in queens new york. how do we enter the sale of home (not a rental )inheretance.
The same way you'd enter a stock sale. Mark it no 1099-B received. A loss would not be allowed.
And file a NY nonresident return.
Inherited property, would be entitled to a capital loss, no? Assuming no personal use.
First, the step-up on date of death.
Agreeing inherited property can show a loss if no personal use.
Also think there used to be a code letter I for inheritance.?
Entering letter I (Inherited) as the acquired date will automatically make it long term.
Yes a loss allowed if inherited and not personal use. I misread that sentence.
If I remember right, inherited property is always long term.
Yes, inherited property is always long term.
