Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

Joint business and taxpayer died, and surviving spouse gets step-up basis for 50% of the assets.

Level 2

In ProSeries I believe I need to do the following.

In the year of death, I believe there will be three assets in ProSeries for each original asset.

  1. the original asset, which is valid for a part of the year, January 1 to the date of death, and will be removed the following year.  (In ProSeries I entered the date of death as the date of sale for each asset).

Two new assets beginning on the date of death  

  1. the spouse’s 50% of the original basis and accumulated depreciation to the date of death.
  2. the spouse’s inherited 50% using the FMV on the date of death step-up basis.

My client has 94 assets, so if I follow my plan, I will need to create 188 new assets.  I have the assets, basis, depreciation method and life, and accumulated depreciation, in Excel is there a way to import the assets from Excel into ProSeries or from Excel into QuickBooks and then from QuickBooks ProSeries.  

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here