Hi
Kim
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I am sorry for your loss.
The step-up applies to the whole value (the fair market value of the entire property).
This is provided that the property is included in your husband's gross estate (which it likely is).
See https://www.irs.gov/instructions/i706
Hi
Does it mean I do not have to pay for capital gain tax if I sell it now. Thanks
@jefftruong wrote:Does it mean I do not have to pay for capital gain tax if I sell it now.
Not necessarily, but most likely it does. It depends upon the selling price and your exact basis (which is the fair market value on the date of your husband's passing).
Thank you
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