Hi TagTeam,
Thank you for your response. A couple of days ago I came across the thread that you mentioned (AmeliasUncle) and while I understand the concept, would you please clarify:
a. when you say original basis, do you mean the purchase price + closing cost at purchase + any improvement done till the date of death? Should I exclude the cost of land?
b. when I set up a new asset, would turbo tax prompt me to enter depreciation? so that I can enter 50% "prior depreciation" for nr. 1 and nr. 2?
c. For nr. 3. can you please confirm that should be 50% of Fair Market Value?
I live in NJ ( joint tenancy state) and I get only half of the step up basis. (my half does not change and I add half of the FMV to that to get the new total base).
My other question: Because I will need to amend the 2022 tax returns to fix all these, how do I divide income/expenses for 2022 among all the three new assets that I will create?
Thank you very much.
