Inherited stock, no capital gains taxes?

[joanmcq]

In Atx you can put INHERITED in date acquired field and it forces LT treatment too..

[BulldogTom]

7 hours ago, joanmcq said:

In Atx you can put INHERITED in date acquired field and it forces LT treatment too..

I didn't know that....

Thanks

Tom
Longview, TX

[DANRVAN]

On 4/17/2023 at 5:59 AM, mcb39 said:

came to me with the Carryover loss already established and I don't know the particulars of the story

 

Personally,  I would want some general verification (documented) before I put a $200,000 carryforward on a tax return; it could come back to bite you if disallowed. 

 

Catherine mentioned the possibility of a 33% drop in the market value, but it is also likely the previous preparer did not know the difference between an allowable loss and a partial gift.

 

It should not be very difficult to document a significant drop in market value given the date of inheritance vs date of sale.

[DANRVAN]

On 4/17/2023 at 5:59 AM, mcb39 said:

never been questioned by the IRS since I have known them.

 

 

But that doesn't really mean anything.