I’m retired and have some paper EE and I savings bonds I want to sell. The bonds are held in my husband's and my Trust, have not matured yet, and my spouse died on 1/9/25. One financial advisor said I should get a step-up in cost basis based on the date my husband died, and that step-up would reduce my taxes. Another financial advisor said there wouldn’t be a step-up in cost basis. Which advisor is correct?
If there is a step-up in cost basis, how would I determine what it is? Would I use the TreasuryDirect Savings Bond Calculator site to calculate the value of the bonds on the day my husband died to determine what the step-up in cost basis would be? If so, where would I enter that info in TurboTax desktop when I do my taxes next spring?
