my husband and I co-owned rental properties. I inherit the property as surviving widow. Do I fill out the tax form the same as in previous years when he was alive?
Sorry for your loss.
For the year of death of the spouse, you still file jointly. The next year, unless you have qualified child ( in which case you file as widow ) you file as single.
As far as rental property, there is a little quirk ---- ( a) if you do not live in a community property state, the bequeathed 1/2 of the property gets a step up/down to FMV in valuation -- your basis changes and depending on your longer term plans you may wish to update the depreciation schedule; OR (b) if you live in a community property state the basis of the whole property ( your original and the inherited portion ) gets a step up/down to FMV and again you may want to look at the depreciation schedule.
Other than that the filling out of Schedule-E ( supplemental / rental income ) is filled out the same as earlier years.
Is there other items you need help on ?
Sorry for your loss.
For the year of death of the spouse, you still file jointly. The next year, unless you have qualified child ( in which case you file as widow ) you file as single.
As far as rental property, there is a little quirk ---- ( a) if you do not live in a community property state, the bequeathed 1/2 of the property gets a step up/down to FMV in valuation -- your basis changes and depending on your longer term plans you may wish to update the depreciation schedule; OR (b) if you live in a community property state the basis of the whole property ( your original and the inherited portion ) gets a step up/down to FMV and again you may want to look at the depreciation schedule.
Other than that the filling out of Schedule-E ( supplemental / rental income ) is filled out the same as earlier years.
Is there other items you need help on ?