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Does cost basis of house shift upon death of a spouse to fair market value of home on date of death?
Home purchased in 1954 for $15000. Spouse died in 1992. Surviving spouse sold house for $685,000 in 2017. Does adjusted cost basis of house remain at $15,000 plus improvements, or does it step up to fair market value of home on date of spouse death. House is in CT.
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‎June 4, 2019
7:25 PM