Sole proprietor farmer died in august. Wife continues the operation. Can we stop depreciation in August ?

[Hillenburg]

Wife continued the operation after husband died. She should get stepped up basis after husband's death. Is there a way to stop the old depreciation in August without reporting everything as sold ?

[Marc-TaxMan · Accepted solution]

Try 1 asset.  put date sold with no sales price info.  If dep deduction is what you want, proceed to all assets.

Then add assets to W's F with new basis and 8/2018 as date acquired.

Full step-up?  That means CP State or the assets were owned by H.

[Hillenburg]

I think 50% old basis, 50% new.  Thanks Marc, I'll try that.