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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7197
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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My husband was a partner in an LLC that owns a shopping

Customer Question

My husband was a partner in an LLC that owns a shopping center. I want to know how to establish my Stepped Up Basis. I have the appraisal that was issued the date of death. Does that become my new basis and what effect if any does the loan have on the beginning stepped up basis
Submitted: 2 years ago.
Category: Tax
Expert:  Stephen G. replied 2 years ago.

What do you have the appraisal of, the shopping center? or the LLC?

The fair market value of his interest in the partnership is what you need to know.

Is the loan you are talking about in the partnership?

How many partners are involved & what are your plans for your husband's partnership interest?

Expert:  Stephen G. replied 2 years ago.

May I clarify anything for you? I can expand on my response if you answer the questions I left for you.