Property Sale

Forum|Forum|8 months ago
November 3, 2025
1 reply
13 views

I have a customer. She and her husband bought property and house together. Since his passing in the will it stated his kids got 1/2 of the money when it was sold. This was not their homestead.

The taxpayer would get to use step up in basis upon the death of her spouse?

ProSeries Professional

Best answer by Just-Lisa-Now-

Pretty straightforward then, if they happen to be in a community property state, full step up may be on the table.

IRonMaN

Level 15

Half of the basis would get a step up.

"the will it stated his kids got 1/2 of the money"

Did half of the title get transferred to them or is mom picking up the whole sale on her return and the kids get half of the cash?

Slava Ukraini!

J

judys3Author

Level 6

The will did state his kids got 1/2 the money upon the sale. The 1099S received by the mom was only for her 1/2 of the sale. The kids all received 1099S for their portion.

Just-Lisa-Now-

Answer

Intuit Community Champion

Pretty straightforward then, if they happen to be in a community property state, full step up may be on the table.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded