Question
What to do with business equipment when the owner dies and it sells in his personal estate.
Have a client that had some expensive depreciable equipment in his sole proprietorship ( not an LLC) and he died unexpectantly on 2/14. His wife in November sold it and put the money in the bank account of his estate. Trying to figure this out... thinking I should only depreciate it for the time period he was alive and due to the capital gain when SHE sold it, since it was in his personal name, put that in the Estate tax. Please tell me if that sounds like the right way to go with this!
