Thanks all replies to my question! Really appreciated!
our rental property in FL was purchased during our marriage. It was paid partially by my husband’s 401k loan and our savings. It was titled under my husband’s name only from the beginning until he passed away. As I mentioned before, we are NJ Resident, and have been filed joint tax return. After the probate process in FL, the title was transferred to me this year.
I hope above information will help all experts to get the whole picture. So I can make the right decision to report the step up basis.
Any inputs are appreciated . Thanks
