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11Buster
Level 5
June 15, 2022
Solved

Step up of basis

  • June 15, 2022
  • 2 replies
  • 20 views

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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Best answer by TaxGuyBill

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

2 replies

T
TaxGuyBillAnswer
Level 15
June 15, 2022

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

    sjrcpa
    sjrcpa
    Level 15
    June 16, 2022

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

    The more I know the more I don’t know.
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