You'll need to sign in or create an account to connect with an expert.
The FMV of the property is what it would have sold for on the date of his passing. A real estate agent should be able to assist with this, as they can look back in their records and see what homes that are comparible to yours, in the same general locale of your home actually sold for in 2015 around the time of his passing.
Take note that if you live in a community property state, then you get a full 100% step-up in the cost basis. Whereas otherwise you only get to step up his 50% that was left to you.
ANyone else reading this thread, if I'm backwards on the above, please let us know.
Makes a difference as to who was on title. If only the husband was on title then @suesrebel takes a full step-up in basis if she "inherited" it from him.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Randall4817
Returning Member
terimac4
Level 4
rdcoseril
Returning Member
KathyF
Level 2
rebeccaerickson220
New Member