Get your taxes done using TurboTax

You would first need to know what the inherited value was, which serves as your long-term cost basis on the day it was inherited.

 

From there, if you sell it, you will either have a long-term capital gain or loss, of which you can old claim up to $3,000 per year if you are Single or $1,500 if Married Filing Separate.

 

Any amounts greater that are deferred until used up in following years.

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