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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Add the Step-up basis as a NEW asset leaving the original assets as they are.
Thanks so much. I was just trying to make it too hard by breaking it down.
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