I inherited a Coop in late 2019 which I sold in 2021 at a considerable loss. This was due to an overall price decrease of real estate from the time my parent passed to the time of the sale plus a percentage of the sale amount that needed to be remitted to the Coop as per the original contract. The coop unit itself represented 20 shares.
I understand that I need to use Turbo Tax Premier and enter the Cost basis and the Sale price to show the loss. Is there any specifics that I need to enter to ensure this considered long term? Additionally, do I need to enter the Share # and total Sale Price and dates in the investment section as if this was a regular stock sale?
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The sale can be listed in one line under Wages & Income / Investment Income / Stocks, Mutual Funds, Bonds, Other.
Inherited property qualifies for long term capital gains treatment even if it is disposed of within one year after the decedent's death.
TurboTax Premier Desktop requests description, date sold, date acquired, sale proceeds and cost/basis.
Retain any other information such as number of shares and the calculation of basis in your personal tax file should you, at some point, have to explain your calculations to a tax authority.
Thank You. If the inherited property was located in New York but I reside in New Jersey would TurboTax take that into account, i.e. does it ask where the property was located and would I also need to file a tax form for each state.
TurboTax won't automatically report the sale to New York based on it's location there. Since you had a loss on the sale, you would only need to complete a New York non-resident tax return if the sale was reported on a form that was sent to the New York State Department of Taxation and Finance.
Thank you, just to be clear. During the time closing a IT-2664 Form was submitted to New York State indicating the loss. Are you saying I would need to purchase the NYS tax program and supply this form again via TurboTax?
@guarzola No, you don't need to supply the form. But the taxing authorities match the forms that they receive to tax returns. So if the IT-2664 was submitted to New York your best course of action is to file a tax return that shows the loss on the sale so that New York knows that you don't owe them anything.
TurboTax Premier Desktop requests description, date sold, date acquired, sale proceeds and cost/basis.
In terms of filling out the description, Do I state that this was an inherited Coop or is there a preferable way to mention it? something like "Sold Inherited Coop xyz"
The description should include the address of the property. You could add "Inherited" if you like. If the sale had been reported on a 1099-S that is used for real estate transactions, the address or legal description would be included.
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