qbteachmt
Level 15
06-25-2021
12:08 PM
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"The only asset in the partnership is the campground land"
Yes; owned by the Partnership; not Inherited by this spouse.
"Should there have been a appraisal of the partnership at the date of death to determine FMV of the 50% interest in the partnership?, which I don't believe there was, or since the only asset in the partnership is this land, can I use 50% of the FMV at death?"
What about liabilities? Basis from years of operation? Money in the bank is also an Asset.
"If I can't use the FMV of the RE,"
The RE is not what was inherited.
"and no appraisal was completed for the partnership, do I have any options for a stepped up basis?"
Did you read the info at that link?
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Don't yell at us; we're volunteers