It depends on if it was an inherited asset or if it was personal property. If it was inherited it would be taxed based on the answer stated by TurboTaxJaimeG.
IRS Pub 544 states: If you inherit property, you are considered to have held the property longer than 1 year, regardless...
In addition, the cost basis is based on the FMV on the date of the decedents passing.
@Mvg71
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
