I have a client whose brother died. She and her brother owned a piece of real estate 50/50 and it was placed in service as a rental property.
The brother died last year in 2022. The will has been through the probate process and my client is now the sole owner of the property.
Does the entire property receive a step up in basis as inherited property?
Does the step up in basis only apply to the deceased brother's half?
Tenants in common each own the whole property but own the whole property together.