I'm reading previous posts but I think all I'm doing is confusing myself. My siblings and I inherited our parents home at the time of my father's death in March, 2021. We sold it in May, 2021. Cost basis and sale price would be the same. I've gone to the "Stocks, Mutual Funds, Bonds, Other" section of the investment income and entered property address, cost basis, sales proceeds, date acquired and date sold. In reading posts, it said inherited property is a capital asset and is always long term, yet when I'm done entering info it comes up as short term. End result is still $0 regardless but I don't want our returns rejected because of a simple error. Also does form 8949 need to be completed? Is it a worksheet or does it get filed with the tax return? Considering this scenario, can returns be e-filed?
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Instead of entering the actual date of inheritance you only need to choose "inherited" and you should have a loss on the sale due to the cost of sale. Sales price - (DOD value + cost of sale) = L/T loss
Instead of entering the actual date of inheritance you only need to choose "inherited" and you should have a loss on the sale due to the cost of sale. Sales price - (DOD value + cost of sale) = L/T loss
Thank you that helped
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