asbtaxguy
Level 2
10-03-2023
06:50 PM
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I have multiple trust that have allocations for Rental Income and Expenses.
The surviving spouse passed on 03/31/22. Most the properties get a stepped up basis as of the date of death( 03/31/22)
I adjust the prior basis to the higher stepped up basis, but what do I do with the prior depreciation ?"
Thank you for your help
Scott Bonelli
Best Answer Click here
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sjrcpa
Level 15
10-03-2023
08:53 PM
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Poof!
If the properties get a full step up, the prior depreciation vanishes.
The more I know the more I don’t know.
George4Tacks
Level 15
10-04-2023
09:22 AM
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@BobKamman What about composting?
Answers are easy. Questions are hard!
asbtaxguy
Level 2
10-05-2023
10:56 AM
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Perfect !
Thank You !
Scott Bonelli