|
#2
03-17-2005, 05:51 AM
| |||
| |||
 Re: Stepped Up Basis, Building Owned by Taxpayer and Deceased Spouse Yes, my client's wife died, that's why I am trying to verify that step up occurs for the 50% partnership interests (community property state), and, as the building was the only partnership asset, step up in 50% of building occurs. Looks like that is the case. Thanks for the responses! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
03-14-2005, 01:29 AM
| |||
| |||
| Re: Stepped Up Basis, Building Owned by Taxpayer and Deceased "bm30003700[at]aol.com" <bm30003700[at]aol.com> wrote: - quote - > Recently, I asked about a building owned by a partnership.
If the partnership owns the building, the partnership> My client, an individual, and his spouse together owned a > 50% interest in the partnership. > It looks like I may not have phrased my question properly. > Given that my client would have received a stepped up basis, > had he and his wife owned 50% of the building outside of a > partnership, wouldn't step up in basis also occur when they > own the building vis a vis partnership interest. > For example, if a property were purchased by my client and > his spouse (50% interest), and another taxpayer (remaining > 50% interest) with no mention of a partnership, step up > would occur for my client upon the death of his spouse, I > believe. interest gets a basis step up. If the individuals jointly own the building, the ownership in the building gets a step up. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
03-13-2005, 11:34 PM
| |||
| |||
| Re: Stepped Up Basis, Building Owned by Taxpayer and Deceased Spouse "bm30003700[at]aol.com" <bm30003700[at]aol.com> wrote: - quote - > Recently, I asked about a building owned by a partnership.
Why would there be a stepped up basis? Did somebody die?> My client, an individual, and his spouse together owned a > 50% interest in the partnership. > It looks like I may not have phrased my question properly. > Given that my client would have received a stepped up basis, > had he and his wife owned 50% of the building outside of a > partnership, wouldn't step up in basis also occur when they > own the building vis a vis partnership interest. A stepped up basis only applies to property that is inherited from someone else. - quote - > For example, if a property were purchased by my client and
To the extent of her interest (25%), or to the extent of the> his spouse (50% interest), and another taxpayer (remaining > 50% interest) with no mention of a partnership, step up > would occur for my client upon the death of his spouse, I > believe. community property, if they live is a community property state (50%). Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
03-12-2005, 01:19 PM
| |||
| |||
| Stepped Up Basis, Building Owned by Taxpayer and Deceased Spouse Recently, I asked about a building owned by a partnership. My client, an individual, and his spouse together owned a 50% interest in the partnership. It looks like I may not have phrased my question properly. Given that my client would have received a stepped up basis, had he and his wife owned 50% of the building outside of a partnership, wouldn't step up in basis also occur when they own the building vis a vis partnership interest. For example, if a property were purchased by my client and his spouse (50% interest), and another taxpayer (remaining 50% interest) with no mention of a partnership, step up would occur for my client upon the death of his spouse, I believe. Thanks for earlier responses. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, building, deceased, owned, spouse, stepped, taxpayer |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Financial Records for Deceased sscandia2@yahoo.com: My husband's grandmother passed away almost 10 years ago. At the time, I went through all of her tax records and kept what was then viable (ie, old... | Taxes | 3 | 02-21-2005 08:42 AM | |
| Deceased Parent.... Lesstax: my mother passed last july. what responsibility do i have to file a return? what if there is $$ due? what if no return is filed? how would they... | Taxes | 2 | 01-25-2004 08:35 PM | |
| Basis question following spouse death RD: My uncle owns a small farm in Texas (community property state). His wife died a couple years ago, and all property flowed to my uncle. If he were... | Taxes | 1 | 01-25-2004 05:04 AM | |
| Basis step-up on inherited jointly owned property at first death? AES/newspost: My amateur understanding is that in community property states such as California, property that is jointly owned by a married couple receives a... | Taxes | 15 | 11-12-2003 04:16 PM | |
| Deceased tax records Larry: My father passed away in 1979. How far back does the IRS maintain his tax records? << -------------------------------------------------><< The... | Taxes | 1 | 10-20-2003 12:33 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
