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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Joint capital loss carryovers - spouse dies - surviving spouse sells stepped up assets
Joint capital loss carryovers - spouse dies - surviving spouse sells stepped up assets
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Level 5
03-26-2021
02:26 PM
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Hi, a married person in California passed away in March 2020. There are joint capital loss carryovers on the return. The surviving spouse sold some stock in August 2020 that had been owned jointly, thus she has a stepped up basis.
How does this work? It seems like double dipping to get both the joint carryovers and the stepped up basis.
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1 Comment 1
poolcleaner
Level 9
03-26-2021
03:28 PM
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When someone filing a joint return dies, their share of capital loss carryforwards ceases to exist on the date of death.
