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Level 1

If you inherit a house and sell it, does the income from the sale have any impact of your taxes. Not a main residence.

 
1 Reply
Level 1

If you inherit a house and sell it, does the income from the sale have any impact of your taxes. Not a main residence.

Yes, the sale will have an impact on your taxes. The sale will create either a long-term capital gain or a long-term capital loss. Please refer to this previously posted answer from one of our Super Users for an outstanding discussion of the basis rules for inherited property and how to apply them.

https://ttlc.intuit.com/replies/3922066