@mckaypartners wrote:
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.
Obviously, you would enter the sales proceeds (less selling expenses) as the sales price.
However, you need to know the fair market value as of the date of death. If the market has remained stable, and prices have not changed, you might be able to get away with using the sales price as the basis. Note that, if audited, you will have to show that the fair market value on the date of death is the same as the sales price.
