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kppece
New Member

Death of a spouse and rental property sold earlier in the year

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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2 Replies
M-MTax
Level 13

Death of a spouse and rental property sold earlier in the year

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.

kppece
New Member

Death of a spouse and rental property sold earlier in the year

Thank you for that info. It's all over whelming

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