TaxGuyBill
Level 15

@rbynaker wrote:.

But I have trouble feeling too bad here, she made over $1M.


I point out to the clients the opposite ... it is a GOOD thing that she made over $1M.  Yes, there will be a lot of tax, but that is a HUGE amount of profit.

 

@KMACK   Was she ever married?  If so, does a step-up in Basis apply for her spouse's ownership when he died?