Hi Carl,
in 2/5/2023 5:36pm Ming's post mentioned (fair market value - original purchase cost).
in 2/5/2023 6:32am your post "if the property is in a community property state, the property will get 100% step up. If Ming's property in CA (a community property state), then no need to split the asset because the property will get 100% fair market value, previous depreciation evaporated, depreciation will use 100% fair market value as new depreciation basis? If mother and an adult child on the property as joint tenants in CA, can they use 100% fair market value? Because mother and child on the joint tenants, when mother passed, the child inherited the property as a whole.
