What Tax Forms are required to report step up basis of passive rental house inherited due to death of spouse? Turbotax is filling forms that I am not familiar with.

[connienelsontink]

Forms that make sense to me are 1040 and scedule E. we used basic depreciation, nothing fancy. Basis divided by 27.5 years.

Thank You

[Anita01]

When you go through the rental property interview you can edit assets to add a new one called "basis step up"and enter the additional basis amount there.  It will then depreciate along with your other assets.  I can't tell what you may already have done and what new forms you are talking about.  If you go to Forms on the upper right and then click on whatever Forms you're talking about, you should be able to delete them there.

[connienelsontink]

Hi TTANITA, when entering new asset amount, should it be Total NEW BASIS AMT or NBA minus original basis?

[Anita01]

It should be just the increase amount, so the latter.