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My wife died as a result for a rental property asset should I enter the stepped up bases cost from her date of death as the amount paid for it to calculate depreciation?

Forum|Forum|7 years ago
June 6, 2019
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After the death of my wife I converted my home to rental property. In the Turbo Tax section Tell Us About This Rental Asset I must enter the COST: The amount you paid for it. Also Date Purchased or Acquired. I originally paid $320K in 1994 when I purchased the property. I am allowed a step up in basis to the current market analysis on the date of my wife’s death 3/28/2012. Which is $600K.

My question is can I enter the stepped up bases cost $600K and a Date purchased 3/28/2012?

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Best answer by Ashby

You can step up her half of the basis. So, her $160K was $300k at the time of death. Yours was still $160k. The basis would be $460k and date purchased/put in service would be 3/28/2012.

A

AshbyAnswer

You can step up her half of the basis. So, her $160K was $300k at the time of death. Yours was still $160k. The basis would be $460k and date purchased/put in service would be 3/28/2012.