jeffmcpa2010
Level 11
04-15-2021
04:42 PM
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Edited after re-reading your last post. (And I am not sure I understand your statement about step up) The step up basis occurs at the moment of death (so to speak) so assets in the Estate - get the step up basis in computing any gains on sales. (At least that is how I have always seen it done.)
By your comment that you want to use Section 121, there must be a gain on the sale.
It seems to me that if you have a Gain, and want to take an exclusion, you would have to file the return to calculate and report the gain and claim the exclusion.