turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I edit the basis of rental property in TurboTax to reflect the stepped up basis of the 50% of jointly owned property inherited from my spouse?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

How do I edit the basis of rental property in TurboTax to reflect the stepped up basis of the 50% of jointly owned property inherited from my spouse?

  1. Create a new "asset" using 50% of the original Basis, 50% of the "prior depreciation" and use the original "placed in service" date. 
  2. Create another new "asset" using 50% of the Fair Market Value on the date of death, and use the date of death as the "placed in service date". 
  3. Edit the original asset and change the Basis and "prior depreciation" to 50% of the original amounts.  Then say it was converted to personal use on the date of death.  Another option is to delete the original asset, and enter all of the original 50% information, and say it was converted to personal use on the date of death.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies