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 just
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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