@RayW7 Does this also apply also when filing an estate income tax return, form 1041?
I am the executor of someone’s estate and am filing an estate income tax return for the first and likely last time for the estate. There were stocks held in 3 different companies that were changed over to be owned by her estate and then I have subsequently cashed those stocks out and the money is in an estate bank account. From what I have read from multiple sources, I should be able to do the step up in basis for her so that the cost basis was the value at the date of her death, but not with an alternate valuation date because her estate is under the 11 mil threshold (by many many millions 😁). All of her stock prices increased so I was hoping to further decrease the tax liability on those gains. Would I also put “inherited” in the TurboTax software or do I change it to a long term gain manually to allow for that?
