Antiques

Forum|Forum|3 years ago
November 17, 2022
5 replies
46 views

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

Best answer by Corrlich44

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.

Corrlich44

Level 6

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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

LWEMEAuthor

Level 3

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.

Corrlich44

Answer

Level 6

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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"