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J
jms95814
Level 2
August 18, 2023
Solved

reset basis after death

  • August 18, 2023
  • 2 replies
  • 7 views

Spouse has died need to reset basis on rental real estate.

This topic has been closed for replies.
Best answer by jms95814

Thanks

2 replies

George4Tacks
George4Tacks
Level 15
August 18, 2023

Enter date of sale (only) for all the old assets using the date of death.

Enter the new updated asset values, using original acquisition date and the new stepped up basis for each asset. You may just make two entries, Building and Land. Base allocation according to the appraisal the client gives you. 

 

Answers are easy. Questions are hard!
    J
    jms95814AuthorAnswer
    Level 2
    August 18, 2023

    Thanks

    BobKamman
    BobKamman
    Level 15
    August 18, 2023

    Jointly owned or just in decedent's name?  Community property state?

      J
      jms95814Author
      Level 2
      August 18, 2023

      Jointly owned in a community property state

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