Inherited Property

Forum|Forum|4 years ago
January 19, 2022
1 reply
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My uncle passed away in Feb 2021. His house was left to me and transferred into my name in May 2021. I then sold the house to my cousin. I sold the house to her for what the house appraised for when he passed away. I'm confused on how I go about claiming this since it was an inherited property. I would LOVE to be able to file my taxes thru TurboTax this year but I'm afraid it may be too complicated and i may have to see an accountant. Please help!

Not A Product Question

fanfare

Level 15

since your basis and ~~proceeds~~ selling price are the same you have a deduction for the expenses of the sale (Long Term capital loss)

you don't need an accountant.

look for section on sale of inherited property

Jori19fAuthor

Level 2

Not sure if this will make a difference, but my cousin had the house appraised after she moved in and it appraised for $15k more than I sold it to her for. So maybe that would should a loss? Ill check out the section on sale of inherited property. Thank you