General Partnership in CA

Forum|Forum|2 years ago
February 26, 2024
2 replies
12 views

This partnership owns an office building. One partner (my client) died in 2023. The building will be sold in 2024. How do I give new beneficiary (daughter) a "step up basis" upon sale for her K1.

The building has been owner for 15 years by partnership.

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strongsilence

Level 10

It is not clear whether you want to know the mechanics in the software for showing the step up or if you want to understand the regulations and calculations in doing a step up.

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gamacpaAuthor

Level 3

How to handle the lacerte software. The new partner is decadents daughter...

qbteachmt

Level 15

"How do I give new beneficiary (daughter) a "step up basis" upon sale for her K1."

This is a community property state, right? And that beneficiary inherited the share of the partnership; not the building. The building is owned by the partnership, is what you stated.

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