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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Husband and wife partnership 50/50. This partnership was held

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Husband and wife partnership 50/50. This partnership was held in revocable living trust. Wife passed away in 2015. Does partnership end on date of her death? Does surviving husband report income from remainder of 2015 as sole proprieter on 1040? Does he get step up basis for assets(including real estate) owned by partnership
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Submitted: 6 months ago.
Category: Tax
Expert:  Lane replied 6 months ago.
Hi,...The rules differ for partnerships, depending on whether or not a partnership agreement signed by all partners exists....With a basic general partnerships, if one or more of the owners die, under the default regulations, when no partnership agreement exists, the partnership dissolves....So yes, the husband does a final 1065, that only includes operations up to the date of death, and files as sole proprietor including everything after the date of death....And yes, as self-employed the taxation all still comes to the individual, and husband receives a step-up on 1/2 of property jointly owned or owned together in the partnership

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