Thank you for your response. There were no appraisals done for the rental property or personal property on the date of death. But the properties were sold in 4 months from the date of death.
The Estate is valued at about $2.0M so Form 706 does not need to be filed. I know Form 706 is used to file the "alternate valuation date". My understanding is if the properties were sold within 6 months from the date of death, that the sales price would be the stepped up cost basis, resulting in no capital gain tax.
So on Form 1041 in TurboTax Business under “How much did this asset cost?” can I simply enter the sales price rather than the purchase price, effectively making the stepped up cost basis equal to the sales price. There are no instructions in TurboTax business regarding the stepped up cost basis.
Thank you for any advice.
