peauff
Level 3
09-30-2020
11:45 AM
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I have a client who co-owned property with a family member (50/50), and received full title after that family member's death. To compute the stepped up basis of the property for it's subsequent sale, I have adjusted only the inherited 50% basis per below. Does this make sense?
| Client | Family Member | Total | |
| Original Cost | 90,000 | 90,000 | 180,000 |
| Value when inherited | 112,500 | 112,500 | 225,000 |
| Home Basis For Sale | |||
| Cost | 90,000 | 90,000 | 180,000 |
| Stepped up basis | 22,500 | 22,500 | |
| Basis after inheritance | 90,000 | 112,500 | 202,500 |
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