spouse pass away in February, 2022, surviving spouse sold the primary residence
Lynn Chiang
dbhol...@gmail.com
I have a client whose father just passed, the dad owned a rental house. They just signed a year lease on it. So if they wait until the lease runs out in a year and then sell it, does the step up basis still stay in affect. Just if there is any appreciation from now until the end of year they would have a capital gain.
If they decide to keep the house as a rental then I would use step up basis as their depreciation basis.
Also the dad had a number of investments I told the same thing to sell them as fast as we can and they are subject to step up basis on them also.
Am I thinking correctly.
Darrell Holder EA
Lee Reams
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Matthew Bigelow
I would add that I think you should be very careful about advising a client to sell inherited assets “as fast as we can”. You are potentially straying out of your lane and into investment advice for which you may or may not have any credentials. Your E/O provider might have something to say about this. Additionally, if it’s a good investment with growth prospects and/or strong current income, it may not be in the client’s best interest. And what happens if you advise the client to sell and the asset ends up making huge gains in the next year or two? They’re going to blame you for missing out. We’re already exposed to enough risk and blame as tax preparers, why take on more?
On the other hand, you may have some credentials in asset management, making my points completely meaningless. But for my own practice, giving this type of advice would be completely inappropriate, aside from explaining any tax consequences.
Matthew Bigelow, E.A.
JLZ Business Services, Inc.
Ph. (805) 643-3295, Fax: (805) 643-3297
email: mbig...@jlzinc.com
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Steven Meyerson
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Darrell Holder EA
On Mar 28, 2023, at 6:58 AM, Steven Meyerson <smeyer...@gmail.com> wrote:
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