hgtc
Level 5
08-04-2020
04:49 PM
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Taxpayer died and surviving spouse got step-up basis for all rental properties. How do I enter these new step-up basis in "depreciation" section?
Thanks.
Best Answer Click here
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George4Tacks
Level 15
08-04-2020
05:03 PM
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Enter date of sale on all assets. ONLY date of sale.
Then enter all the new assets, assuming they all get full step up, with a new date as of the previous date of sale. Be sure to allocate Land (99) vs Building.
Answers are easy. Questions are hard!
Then enter all the new assets, assuming they all get full step up, with a new date as of the previous date of sale. Be sure to allocate Land (99) vs Building.
Answers are easy. Questions are hard!
TaxGuyBill
Level 15
08-04-2020
05:13 PM
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As was noted by George, is this in a Community Property State that has the full step up?
If it is in a non-Community Property State that only gets a 1/2 step up, then the entry will be different.
George4Tacks
Level 15
08-05-2020
12:00 AM
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MUCH DIFFERENT!
Answers are easy. Questions are hard!
Answers are easy. Questions are hard!
hgtc
Level 5
08-05-2020
12:09 PM
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thanks.
DanTheMan
Level 1
01-08-2021
12:01 PM
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The above response mentions Date of Sale, what entries must be made in Lacerte 2020 to record the step-up in basis if the assets are not sold in a community property state?
Thank you
