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Deductions & credits
I receive this question on occasion and was wondering about non-cash property held one year or shorter. I read that this is considered ‘ordinary’ income property if sold and is limited to basis or adjusted basis which would be zero. We do also have this as inherited ( if the taxpayer has inherited all their possessions) and may retain the long term nature. Your thoughts are appreciated to settle my wandering mind.
September 12, 2019
2:55 PM