reset basis after death

[jms95814]

Spouse has died need to reset basis on rental real estate.

[George4Tacks]

Enter date of sale (only) for all the old assets using the date of death.

Enter the new updated asset values, using original acquisition date and the new stepped up basis for each asset. You may just make two entries, Building and Land. Base allocation according to the appraisal the client gives you. 

[BobKamman]

Jointly owned or just in decedent's name?  Community property state?

[jms95814]

Jointly owned in a community property state

[jms95814 · Accepted solution]

Thanks

[jms95814]

Perfect, thanks