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Thread: rental property basis w/ step up

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  1. #1
    Join Date
    Feb 2015
    Location
    Indiana
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    Default rental property basis w/ step up

    I think I may be doing something wrong here, so can someone check me?

    H/W had house that was primary residence, cost basis of 55K. He died in early 2009, and she started renting it out later that year. To date she has taken ~15K depreciation leaving basis of 40K.

    If the house was worth 125K when he died, do I take 1/2 of that (62.5K) less 1/2 original cost 27.5K and add that 35K to her basis to calculate gain?
    Last edited by kathyc2; 07-06-2017 at 01:33 PM.

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