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?
Create a new "asset" using 50% of the original Basis, 50% of the
"prior depreciation" and use the original "placed in service" date.
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".
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.
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