If the husband that has a Schedule C store-front business dies and the wife takes over, do you designate it as a new business? Also, do you need to start the depreciation over again? Anything else I need to know?
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Inherited Assets
If she inherited his business assets, then she gets the step-up or step-down in basis. -
that is officially correct of course, but what is the FMV of used store fixtures? I would justOriginally posted by Lion View Post
consider the FMV same as tax book value and continue to march.
But two schedule c's for the year with wife as owner of the "new " business.
Unless they had been conducting it and reporting as joint venture previously.ChEAr$,
Harlan Lunsford, EA n LAComment
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