JackieCPA Posted March 7, 2021 Report Posted March 7, 2021 I have a partnership where one of the partners have passed away. I was given the amount of their step-up basis by their lawyer. There is only land so there is no 754 depreciation or other deductions. I have made the election on the return - my question is now about keeping track of each partner's outside basis. Is there a place in ATX that I can use to keep track or is this something I have to keep track of separately outside of the software? Quote
Lee B Posted March 7, 2021 Report Posted March 7, 2021 Wouldn't any step up in basis go to the person inheriting the Partnership Interest? Do you do that person's tax return? NEI Quote
JackieCPA Posted March 8, 2021 Author Report Posted March 8, 2021 Yes, I am talking about the partners who are inheriting the partner who has passed a way's interest. The partnership consists of the parents and their children. Quote
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