joshuabarksatlc s
Level 10
04-02-2022
11:11 AM
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If you determined it was inherited property, check the "inheritance with stepped up basis" box. I use Lacerte but I understand (suspect?) "the other software" TOS has it too. The acquisition date would then be shown as "INHERITED".
As to having "two accounts" and one still in the decedent's name, you may want to work with the family to see how to change the names and owner. It's a legal matter. NOT tax matter, except that the last time I checked, decedents don't have the capacity to own things in the tax arena. It should be taken care of. You'd read posts like "1099's sent to the passed-awayers". I'd encourage the family to take care of the title transfers.
Enough said.
I come here for kudos and IRonMaN's jokes.