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Step up in Basis for Partnership

Technical topics regarding tax preparation.
15-Jan-2018 3:45pm
taxpayer and spouse are equal owners in rental property partnership LLC
member shares held in a revocable trust
taxpayer dies during the year,,, wife inherits through the revocable trust.. it remains in the revocable trust and it remains a disregarded entity for tax purposes

no longer a partnership LLC (now a one member- spouse) and must be reported on personal schedule E, form 1040 for the after death period... and a short year partnership year from 1/1/18-date of death. Then it all gets reported on spouses schedule E.


Spouse should get a step up in basis......We are assuming that step up ends up in her depreciable basis on the rental property on her Sch E.

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