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fbc2k1
New Member

My wife and her father owned a mutual fund together. She was jtwros. He passed away late in the year. Fund was sold shortly thereafter. What would the cost basis be?

My wife was put on as JTWROS when the fund was purchased.  I am guessing that she would pay full cost basis on one-half of the capital gains, and the FMV of the other half at time of her father's death.  Is this correct?

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Anita01
New Member

My wife and her father owned a mutual fund together. She was jtwros. He passed away late in the year. Fund was sold shortly thereafter. What would the cost basis be?

If your wife was joint owner on the account from the beginning, then you are correct.  Even if she was added at a later date, then her cost basis on the half she inherited would still be Fair Market Value at this death and 1/2 his original cost  for the portion she was gifted.

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Anita01
New Member

My wife and her father owned a mutual fund together. She was jtwros. He passed away late in the year. Fund was sold shortly thereafter. What would the cost basis be?

If your wife was joint owner on the account from the beginning, then you are correct.  Even if she was added at a later date, then her cost basis on the half she inherited would still be Fair Market Value at this death and 1/2 his original cost  for the portion she was gifted.

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