how to enter step-up basis in rental property depreciation for individual tax returns

[hgtc]

Taxpayer died and surviving spouse got step-up basis for all rental properties.  How do I enter these new step-up basis in "depreciation" section?

Thanks.

[George4Tacks · Accepted solution]

Enter date of sale on all assets. ONLY date of sale.
Then enter all the new assets, assuming they all get full step up, with a new date as of the previous date of sale. Be sure to allocate Land (99) vs Building.

[TaxGuyBill]

As was noted by George, is this in a Community Property State that has the full step up?

If it is in a non-Community Property State that only gets a 1/2 step up, then the entry will be different.

[George4Tacks]

MUCH DIFFERENT!

[hgtc]

thanks.

[DanTheMan]

The above response mentions Date of Sale, what  entries must be made in Lacerte 2020 to record the step-up in basis if the assets are not sold in a community property state?

Thank you