Hi All
I'm working on my mom's taxes. Her and my father owned rental property for over 11 years and he passed away this summer. We had the property appraised for date of death value and ending up selling the property at the end of the year. My mother received a full step in basis since since the rental was community property.
I am going through the turbo tax and I'm wondering how I do adjust the cost basis to reflect the new basis. Do I just adjust the original cost/land and leave the date it became a rental and the prior depreciation?
Thanks so much!
