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dlomeli1
New Member

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?

I added the sale under investment sales and selected "Everything Else" as the type of investment sold.

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AnnetteB
Intuit Alumni

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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1 Reply
AnnetteB
Intuit Alumni

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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