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Step up basis for sale of permanent residence.Sale rice lessappraial value at time of wife;s passing
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Yes. When spouses own property jointly and one spouse passes away, then the basis for the property is stepped-up. The new basis is 50% of basis at the time of death, plus 50% of the value of the property at the time of death, plus any 100% of improvements after death. Click here for IRS publication 523 Selling Your Home.
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