We sold a rental property we owned jointly in February, then my spouse died in November. Do I get a stepped up basis on his half of the property when calculating whether there is any gain on the sale of the property? We lived in a common law, not a community property state.
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Sorry for your loss, but you do not get a stepped-up basis merely because you sold in the same tax year prior to the passing; you get the step up if you sell after the passing, however.
Thank you for that info. It's all over whelming
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