Can I Offset Capital Gains With Losses On Inherited Property?

My client is selling a primary residence that has $750,000 in capital gains. My client’s father moved his primary residence to an irrevocable trust which both the client and the brother inherited. When the property was transferred over, it came in appraised at $850,000. Now, the property can ideally be sold at a loss of $600,000. Can the losses on inherited property sold in Virginia be offset with the gains of the sale here in New York?

Does Section 121 Apply To Property Held In An LLC?

My client purchased a home in her personal name. The client plans to rent the home during the summer as she has a personal residence. The client intends in moving this property into an LLC. If the client decides to convert the home back to a personal residence, does it matter that it is in an LLC for Section 121 capital gain exclusion purposes?