asbtaxguy
Level 2

I have multiple trust that have allocations for Rental Income and Expenses.

The surviving spouse passed on 03/31/22. Most the properties get a stepped up basis as of the date of death( 03/31/22) 

 I adjust the prior basis to the higher stepped up basis, but what do I do with the prior depreciation ?"

 

 

 

Thank you for your help

 

 

 

Scott Bonelli

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sjrcpa
Level 15

Poof!

If the properties get a full step up, the prior depreciation vanishes.


Ex-AllStar

View solution in original post

BobKamman
Level 15

@sjrcpa  Exactly.  Either burial or cremation.  

George4Tacks
Level 15

@BobKamman What about composting?


Here's wishing you many Happy Returns
asbtaxguy
Level 2

Perfect !

 

 

Thank You !

 

 

 

Scott Bonelli

0 Cheers