Tax Expert Noel Spencer: Inherited Property Holding Period

Noel Spencer

What is my holding period for inherited property I sold within one year of the decedent's death?
Inherited property is automatically deemed to be held more than one year [1223(9)]. Thus, the sale of inherited property will result in a long-term gain or loss, regardless of how long the heir actually holds it.
Noel Spencer
735 Broadway, Newburgh, NY 12550
Ask Noel Spencer a Question