745198
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?
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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 ?
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