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If a decedent owned a rental property and reported on their…

If a decedent owned a...
If a decedent owned a rental property and reported on their 1040. What happens after they die and the rental properties are still reporting income. The income gets reported on form 1041? What will be the depreciation basis for the property? The FMV at time of death?
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Answered in 1 minute by:
3/18/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,872
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Customer reply replied 4 months ago
Lane,Did you have a response to this question?
Sorry This question wasn’t showing up on my list for some reason ... Again, my apologies.Yes the estate gets the step up in basis and the income IS indeed reported on the 1041
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,872
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane
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