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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.
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.
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