EstateExec will estimate the cost basis of assets for you automatically, based on information you provide for Asset Type and Value at Death (or Purchase Amount for assets later purchased by the estate).
You can see an asset's estimated cost basis by highlighting the asset's row in the Assets tab, and clicking the Cost Basis button on the top of the table.
Please note that calculating cost basis can be complex under certain circumstances, so you are advised to seek help from a tax professional if you are dealing with complex or unusual situations. The good news is that cost basis is only needed if you sell an asset, in which case you will need it to be able to report losses or gains on the estate's income tax submissions. It also helpful to pass along these estimates to the heirs, so that when and if they eventually sell the assets, they will have information to help them with their own tax reporting. If you do pass along this information, please remember to repeat the advice about these being your best estimates, and that they should seek help from a tax professional if there is any complexity, or there is any uncertainty about the tax situation.
An asset has a certain cost basis at the time of death, which never changes (unless you modify the asset's Value at Death). See Cost Basis for a general description of how cost basis at death is determined.
The current cost basis associated with an asset can change under certain circumstances:
When the estate is completely settled, no assets should remain in the estate, and thus the value and cost basis "now" of all listed assets should be nothing.
You can manually override EstateExec's cost basis estimates. On the Assets tab:
Note that changing an asset's cost basis will not affect previously defined transfers or distributions marked done.
EstateExec cannot automatically determine cost basis for certain asset types (such as Other), and so for those, when you select the type, you will be presented with a dialog to manually enter the cost basis. You can later change this via the Manual Override steps listed above.