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Level 4
June 26, 2024
Solved

death of partner

  • June 26, 2024
  • 1 reply
  • 6 views

How do you change basis of depreciable assets?  My survivor is the spouse who was also a partner.  Looks like all assets will have to be "sold" as of date of death, and re entered as 2 halves for the rest of the year, one old basis and one step up basis.  (Client resided in non community property state).  Not sure how I will override gains or recapture if entered that way.I have selected 754 election, but, apparently all calculations are manual?

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    Best answer by JRC

    Add the Step-up basis as a NEW asset leaving the original assets as they are.

    1 reply

    JRC
    JRCAnswer
    Level 7
    June 27, 2024

    Add the Step-up basis as a NEW asset leaving the original assets as they are.

    MaryMattAuthor
    Level 4
    June 27, 2024

    Thanks so much.  I was just trying to make it too hard by breaking it down.