Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
fredrichard9631
New Member

Step up basis for sale of permanent residence.Sale rice lessappraial value at time of wife;s passing

 
1 Best answer

Accepted Solutions
RichardK
New Member

Step up basis for sale of permanent residence.Sale rice lessappraial value at time of wife;s passing

Yes. When spouses own property jointly and one spouse passes away, then the basis for the property is stepped-up. The new basis is 50% of basis at the time of death, plus 50% of the value of the property at the time of death, plus any 100% of improvements after death. Click here for IRS publication 523 Selling Your Home.

View solution in original post

1 Reply
RichardK
New Member

Step up basis for sale of permanent residence.Sale rice lessappraial value at time of wife;s passing

Yes. When spouses own property jointly and one spouse passes away, then the basis for the property is stepped-up. The new basis is 50% of basis at the time of death, plus 50% of the value of the property at the time of death, plus any 100% of improvements after death. Click here for IRS publication 523 Selling Your Home.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v