Farm and spouse

[TAX4US]

TP was a farmer. Wife was homemaker. TP died 2012. Spouse sold all breeding livestock in 2013 including those on depreciation. Spouse does not want the upkeep involved with running a farm. She is even thinking about selling the complete place later. Question is how would you report the sales of these animals and what basis would you use?

[Jiggers]

1. Is this a community property state?
2. Was an inventory of the estate done?
3. Was there a will and who inherited the estate?

[Burke]

TP was a farmer. Wife was homemaker. TP died 2012. Spouse sold all breeding livestock in 2013 including those on depreciation. Spouse does not want the upkeep involved with running a farm. She is even thinking about selling the complete place later. Question is how would you report the sales of these animals and what basis would you use?

Assuming she inherited everything, the farm went to her. She files a Schedule F on her return for any other income or expenses. The sale of breeding stock would go on Form 4797, flowing to Sche D. She should have gotten stepped-up basis.

[TAX4US]

not a community state
no inventory filed
wife inherited everything per will
post above seems to indicate way I was reading and leaning.
thanks