@Carl, @Anonymous_, @AmeliesUncle,
Thanks for all of you!! Now I think I understand what you have mentioned.
In an existing property, under Assets section -> select Rental Property, click Edit button, then:
- Add a new asset, which could be called like "Step up".
- Put in all the info:
* The description could be the same as the original address, plus "Step up"
* The total cost (including land) should be (Fair Market Value - Original Purchase Cost) x 50%
* The date acquired should be my wife's date of death
That's all I need to do (And do it one by one for all my rental properties).
Please correct me if I am wrong. Thanks again!
