jms95814
Level 2
08-18-2023
02:17 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Spouse has died need to reset basis on rental real estate.
Best Answer Click here
Labels
George4Tacks
Level 15
08-18-2023
08:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Enter date of sale (only) for all the old assets using the date of death.
Enter the new updated asset values, using original acquisition date and the new stepped up basis for each asset. You may just make two entries, Building and Land. Base allocation according to the appraisal the client gives you.
Answers are easy. Questions are hard!
jms95814
Level 2
08-18-2023
01:24 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Jointly owned in a community property state
jms95814
Level 2
08-18-2023
02:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
jms95814
Level 2
08-18-2023
06:40 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Perfect, thanks