Cost basis change due to death?

Question

Is there any known procedure for changing the cost basis of each security in a portfolio after the death of one spouse?  In the past I've seen suggestions to enter in a sell for each position and then enter a buy at the new cost basis but surely Quicken can do better than that....

Rocket J Squirrel · Answer

Inherited securities are considered long-term holdings for tax purposes. So while the date of the Remove & Add should be date of death, one might want to back-date Date Acquired one year if using Quicken's tax features.

NotACPA · Answer

AND you only need a single Removed transaction for each security and a single Add (as of the date of death) for each security.This isn't difficult.

Sherlock · Answer

The stepped up basis is achieved by entering a Removed and an Added action transaction for the holdings.