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This partnership owns an office building. One partner (my client) died in 2023. The building will be sold in 2024. How do I give new beneficiary (daughter) a "step up basis" upon sale for her K1.
The building has been owner for 15 years by partnership.
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It is not clear whether you want to know the mechanics in the software for showing the step up or if you want to understand the regulations and calculations in doing a step up.
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"How do I give new beneficiary (daughter) a "step up basis" upon sale for her K1."
This is a community property state, right? And that beneficiary inherited the share of the partnership; not the building. The building is owned by the partnership, is what you stated.
Don't yell at us; we're volunteers
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How to handle the lacerte software. The new partner is decadents daughter...
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Correct....new partner is decedents daughter..yes CA community property state
