turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

JeffST
Returning Member

Rental property taxation

Hi

I inherited a rental property in California when my husband died. The property is under my name. California has community property law. Does step-up apply to whole value or 1/2 (half) of value of the property. Thank you

Kim

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Rental property taxation

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

 

Rental property taxation

Hi

Does it mean I do not have to pay for capital gain tax if I sell it now.  Thanks

 

Rental property taxation


@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).

Rental property taxation

Thank you

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies