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New Member

I inherited a condo in Sep 17 and sold it in Dec 17. It says I can't claim a loss because it's not investment. I want to do an arms length filing. Where do I do that?

 
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Level 15

I inherited a condo in Sep 17 and sold it in Dec 17. It says I can't claim a loss because it's not investment. I want to do an arms length filing. Where do I do that?

Inherited property that you re-sell is considered Investment Property.  

This is where you report it.

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button


Your cost is the Fair Market Value on date of death, plus improvements made to property prior to sale.  Then your Sales Price less selling costs (realtor fees, closing costs) equals your profit or loss on the sale.  

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Level 15

I inherited a condo in Sep 17 and sold it in Dec 17. It says I can't claim a loss because it's not investment. I want to do an arms length filing. Where do I do that?

Did you sell it to a related party (family member) at a reduced price?  Can you give more detail on the sale, as generally if this was sold to unrelated person, the loss is deductible.  Thank you.
Highlighted
New Member

I inherited a condo in Sep 17 and sold it in Dec 17. It says I can't claim a loss because it's not investment. I want to do an arms length filing. Where do I do that?

We sold the property to a stranger. I can’t find in TurboTax where to do the arms length transaction. When I entered the numbers for the sale it said because it was not an investment property or a business I could not claim a loss. Thank you for your help.
Highlighted
Level 15

I inherited a condo in Sep 17 and sold it in Dec 17. It says I can't claim a loss because it's not investment. I want to do an arms length filing. Where do I do that?

Inherited property that you re-sell is considered Investment Property.  

This is where you report it.

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button


Your cost is the Fair Market Value on date of death, plus improvements made to property prior to sale.  Then your Sales Price less selling costs (realtor fees, closing costs) equals your profit or loss on the sale.  

View solution in original post