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Step up of basis

11Buster
Level 4

CA husband and wife own their principal residence as community property.  Husband dies.  Does wife get step up only to FMV at DoD on his 50% ownership in property or 100% of the property FMW?  What about if held as joint tenants?

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Accepted Solutions
TaxGuyBill
Level 15

California is a Community Property State, so it is a full step up.

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2 Comments 2
TaxGuyBill
Level 15

California is a Community Property State, so it is a full step up.

sjrcpa
Level 15

If not community property and joint tenancy then the step up is 50% (on deceased's portion only).


Ex-AllStar