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reset basis after death

jms95814
Level 2

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

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jms95814
Level 2
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5 Comments 5
George4Tacks
Level 15

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. 

 


Answers are easy. Questions are hard!
BobKamman
Level 15

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

jms95814
Level 2

Jointly owned in a community property state

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jms95814
Level 2

Thanks

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jms95814
Level 2

Perfect, thanks

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