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estate basis question - my brain is muddled


schirallicpa

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Maybe I'm just more muddled because this is an estate of a good friend who died last year. 

His land and farm equipment was still is his name - never changed ownership to put his wife on the deed before he died.

So when she was able to sell this land, it was technically the estate selling this land.  And tractor.

The land was sold at 34K and the tractor at 16K.  The tractor had been used as an asset on the farm, was fully depreciated, and would have created a 4797 upon sale if the sale had taken place on his 1040.  

Is the basis in both of these FMV on the estate return?  (Sales were both within weeks after DOD so no FMV variation from time of death)

 

 

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Thank you for asking.  Our prayers have been successful!!

She has recovered quite well.  Her closet friend also got sick and they have been holed up together.  They both have lost their sense of taste and smell.  But thank the Lord above they are both okay.  

It's quite frightful.  She's had Type 1 since she was 7.  Then Celiac.  Then eating disorder.  Then Graves disease.  So every little thing that comes along keeps me worried.  

Thank you again for your prayers.

 

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1 hour ago, schirallicpa said:

I was hung up on the fact that the tractor would have been shown as a income on 4797 on his personal but the estate takes it at the FMV.  

Is it actually going through an estate or reported on the final joint return by surviving spouse?

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