General Partnership in CA

[gamacpa]

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.

[Strongsilence-CPA]

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.

[qbteachmt]

"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.

[gamacpa]

How to handle the lacerte software.  The new partner is decadents daughter...

[gamacpa]

Correct....new partner is decedents daughter..yes CA community property state

[sjrcpa]

Did the partnership make a 754 election - this year or ever?