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death of partner

MaryMatt
Level 3

How do you change basis of depreciable assets?  My survivor is the spouse who was also a partner.  Looks like all assets will have to be "sold" as of date of death, and re entered as 2 halves for the rest of the year, one old basis and one step up basis.  (Client resided in non community property state).  Not sure how I will override gains or recapture if entered that way.I have selected 754 election, but, apparently all calculations are manual?

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Accepted Solutions
JRC
Level 8

Add the Step-up basis as a NEW asset leaving the original assets as they are.

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2 Comments 2
JRC
Level 8

Add the Step-up basis as a NEW asset leaving the original assets as they are.

MaryMatt
Level 3

Thanks so much.  I was just trying to make it too hard by breaking it down. 

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