I inherited my moms home on 7/5/16 and sold it 4/21/17 but turbo tax is treating this as a long term gain/loss. Why?
From the IRS Publication 544 Sales and Other Dispositions of
Assets (https://www.irs.gov/pub/irs-pdf/p544.pdf), “If you inherit property,
you are considered to have held the property longer than 1 year, regardless of
how long you actually held it.”
Therefore, inherited property is treated as long term property.
I inherited my moms home on 7/5/16 and sold it 4/21/17 but turbo tax is treating this as a long term gain/loss. Why?
From the IRS Publication 544 Sales and Other Dispositions of
Assets (https://www.irs.gov/pub/irs-pdf/p544.pdf), “If you inherit property,
you are considered to have held the property longer than 1 year, regardless of
how long you actually held it.”
Therefore, inherited property is treated as long term property.
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