DEAR BOB: We own a rental property that was not properly set up two years ago to "stepped-up basis" when title passed from a deceased spouse to a surviving spouse. Should we amend the tax returns to reflect the higher basis or begin the adjusted cost basis for depreciation purposes in 2006? We are thinking of selling the property. --Rebecca C.
DEAR REBECCA: You can amend your income-tax returns for the last three "open" tax years. From your description, I would do so. more...
