I will clarify the problem. There are several partners (family of six), upon the death of a partner, the interest is transferred to the descendants. This continues until the last original partner passes. The partnership has a commercial building (rental) that is sold after the last original partner passes, and the partnership closed. Therefore we are dealing with step up costs and additional depreciation recapture to report of the descendants (new partners). Trying to figure an easy way to input these adjustments into Proseries.

T

Terry53029

Intuit Community Champion

What is in the partnership agreement about the death of a partner? if not addressed, I believe the deceased partners share of profits/loss goes to his estate, unless the remaining partners want to buy his share. Don't understand your question about the future sale of the building, as there are no cost until sold. Also your state may have some steps to follow if a partner leaves and or dies.

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