LINDAAHILL
Level 3
03-24-2021
02:49 PM
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I have received two very different answers to my question about a loss on inherited property that was never rented and never used as primary residence by the person who inherited it.
There will be a loss based on the appraisal of the property at the time it was inherited last year and the sales price.
Since it was not investment property, I assume that if there is a profit you report it but if there is a loss you cannot deduct it and you do not need o show it on your return.
Thank you for your help with this.
Linda