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$500,000 exclusion on sale of residence
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bandb
Level 3
yesterday
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Married Couple bought a principle residence in 1995. Husband died in July 2023. Residence was put into Spouse's Revocable Trust in October 2023. House was sold in July 2024. Does Spouse get stepped up basis at date of death for husband's half of house? Does Spouse get $500,000 Exclusion on the sale?
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sjrcpa
Level 15
yesterday
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Does Spouse get stepped up basis at date of death for husband's half of house? Yes unless community property
Does Spouse get $500,000 Exclusion on the sale? Yes
The more I know the more I don’t know.
