@dugott wrote:
Thanks for this answer. I'm in the same situation. I entered the amount on the 1099s and then used the appraisal for the basis. It says that there is no exclusion and personal losses are not deductible. Am I doing this correctly?
Was the appraisal a date-of-death appraisal? Was the property used for personal purposes?
If there was a loss, it would be deductible (as a long-term capital loss) provided the property that was acquired from a decedent was being held for investment.
