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Investors & landlords
if you inherited the Item, the period you held it is irrelevant. Under federal tax law, they automatically get long-term capital gain treatment. Rather than enter an acquisition date, type in "inherited" - no quotes. This should automatically result in long-term treatment. for cost of inherited items use the value on the date of death.
acquisitions after the date of death do not get this treatment.
‎February 26, 2025
3:48 PM