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DonnaDil
Level 1
May 5, 2026
Question

sale of a new York home not primary residence?

  • May 5, 2026
  • 3 replies
  • 13 views

california resident selling condo in queens new york.  how do we enter the sale of home (not a rental )inheretance.

 

 

3 replies

sjrcpa
sjrcpa
Level 15
May 5, 2026

The same way you'd enter a stock sale. Mark it no 1099-B received. A loss would not be allowed.

And file a NY nonresident return.

The more I know the more I don’t know.
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    May 5, 2026

    Inherited property, would be entitled to a capital loss, no?  Assuming no personal use.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      Accountant-Man
      Accountant-Man
      Level 13
      May 5, 2026

      First, the step-up on date of death.

      ** I'm still a champion... of the world! Even without The Lounge.
        A
        anniebear
        Level 5
        May 5, 2026

        Agreeing inherited property can show a loss if no personal use.

        Also think there used to be a code letter I for inheritance.?

         

        Just-Lisa-Now-
        Just-Lisa-Now-Intuit Community Champion
        Intuit Community Champion
        May 5, 2026

        Entering letter I (Inherited) as the acquired date will automatically make it long term.

        ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
          A
          anniebear
          Level 5
          May 5, 2026

          If I remember right, inherited property is always long term.

          Accountant-Man
          Accountant-Man
          Level 13
          May 5, 2026

          Yes, inherited property is always long term.

          ** I'm still a champion... of the world! Even without The Lounge.
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