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    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
    		  
    #1

    Feb 26, 2016, 05:52 PM
    Capital Gains on Inheirted Property.
    In 2015 I sold two pieces of property. One was inherited and sold at a loss. The other was a long term gain.

    Turbo Tax subtracted the loss on the inherited property from the gain on the other property. Is this correct? I was under the impression that you could could not claim a capital loss on inherited property.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 26, 2016, 08:42 PM
    Your assumption is correct. You probably did not properly designate it as inherited property to the TurboTax program.
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
    		  
    #3

    Feb 27, 2016, 04:53 AM
    Yes it was designated as inherited. It shows on the printed form as inherited.

    My thought are that while you can not have a loss deduction against other income, it is being used in the total capital gains/loss calculation. Is that possible?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Feb 27, 2016, 07:51 AM
    Yes, that is very possible AND allowed. I forgot that you had other capital gains.
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
    		  
    #5

    Feb 27, 2016, 09:59 AM
    Thanks.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Feb 27, 2016, 07:43 PM
    Glad to help!
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