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Step up in basis at date of spouses death

February 03, 2017 • Simona Padilla-Scholtens • Log In to Post Comments

my client passed away in 2016.  Estate was small and did not require the filing of form 706. The property is a rental property. How and where do I make the basis adjustment?  Schedule e?  Thank you for your help


You should get a date of death appraisal to determine new basis. Who is the beneficiary? Will they keep the property as a rental?

Yes wife is beneficiary and will continue to use property as rental. Question. How and where is step up basis entered on schedule e or depreciation. Is the difference entered on depreciation schedule?

Is is new basis entered on depreciation schedule using the original life of 27.5 years with the date of death as date property was placed in service?

If new basis is entered using date of death as date property placed in service, what do you do with accumulated depreciation taken prior to death of husband?  


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