Antiques

[LWEME]

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

[Corrlich44]

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.

[LWEME]

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 · Accepted solution]

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.

[LWEME]

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.

[Corrlich44 · Accepted solution]

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.