topic Re: Antiques in Get your taxes done using TurboTax

Antiques

LWEME — Tue, 10 Mar 2026 06:45:29 GMT

If you sell some of the Antiques you've inherited off, is the income considered taxable?

Re: Antiques

Corrlich44 — Thu, 17 Nov 2022 01:18:02 GMT

You would first need to know what the inherited value was, which serves as your long-term cost basis on the day it was inherited.

From there, if you sell it, you will either have a long-term capital gain or loss, of which you can old claim up to $3,000 per year if you are Single or $1,500 if Married Filing Separate.

Any amounts greater that are deferred until used up in following years.

Re: Antiques

LWEME — Thu, 17 Nov 2022 01:32:55 GMT

What if you file jointly with your spouse?

So are you saying if you sell an antique you inherit for less than the value it has, you can actually claim a capital loss?

Thank you so much.

Re: Antiques

Corrlich44 — Thu, 17 Nov 2022 01:36:40 GMT

Exactly.

If an item was valued at $1000 and you sold it for $750, you would have a long-term capital loss of ($250) to claim on your Married Filing Joint tax return.

Re: Antiques

LWEME — Thu, 17 Nov 2022 02:29:47 GMT

Wow. So in the original answer it didn't mention the limit per year for married filing together. Is that the $3000?

Never knew about this, and not sure it would be worth going back, but to claim that would you need to do an amended return or can you do it all the next year?

Thank you so much.

Re: Antiques

Corrlich44 — Thu, 17 Nov 2022 02:40:21 GMT

Correct.

$3,000 for Married Filing Joint or $1,500 for Married Filing Separate.

You could do an amended return, of which any unclaimed loss will save you income taxes from the highest tax bracket your income fell within during that tax year.