Hal_Al
Level 15

Get your taxes done using TurboTax

You use "investment use". Although it was your parent's personal use property, you and you brother never used it for personal use, so it is classified, for tax purposes, as investment property.  That allows you to deduct the capital loss.

 

Inherited property is always classified as long term, by law, regardless of how long the heir owned it. For date acquired, you enter the word, inherited.