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.
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.
"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.
How to handle the lacerte software. The new partner is decadents daughter...
Correct....new partner is decedents daughter..yes CA community property state
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