jongoad
New Member

Deductions & credits

In the response above, it says "If you sold it at a loss, then you don't even need to report the sale, as you can't deduct that loss anyway, since it's inherited property."

However, in another response to a related question (<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3138189-do-i-have-to-claim-sale-of-inherited-house-as-income">http...>), it says:

"If there is a capital loss and this was not the sale of a personal use property (which is not deductible), you can report the loss as a capital loss."

Can you clarify whether or not one can claim a capital loss on the sale of inherited property? Can you only NOT claim the loss if the property was used for personal use (e.g. you lived in the home and then sold it)?