The answer to this will determine whether I enter the original purchase price for depreciation or the stepped-up cost basis. Thank you.
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Use the stepped-up basis. This is one of the beneficial provisions in the tax code: your basis in the property is the stepped-up basis you receive for inheriting the property after your spouse's death. This allows you to get greater deductions on deprectiation.
We are sorry for your loss.
Use the stepped-up basis. This is one of the beneficial provisions in the tax code: your basis in the property is the stepped-up basis you receive for inheriting the property after your spouse's death. This allows you to get greater deductions on deprectiation.
We are sorry for your loss.
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