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Capital Loss Carryover
I inherited s stock that my mom had for over 20 years. I sold a few months after she died, calculated the inherited price at the day she died (Feb. 25,2020) to the price I sold it at (May 29. 2020) and had over a $4,000 loss. Does this represent a $3000 loss on my 2020 taxes and the excess applied to 2021?
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March 1, 2021
11:10 AM
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Investors & landlords
Assuming you had no capital gains from another investment you are correct. It is a long term capital loss of which $3,000 will be deducted from regular income with the rest carried over to your 2021 return.
March 1, 2021
11:26 AM
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Investors & landlords
Yes. Also, inherited stock is automatically long-term. Be sure to indicate that you inherited it when asked how you got the stock. See the screen shot below. The first entry is where select how you received it.
March 1, 2021
11:28 AM