Reporting a Step up in Basis after spouse death

[BethinAZ]

My spouse died this year.  Do I need to report a step up in basis even though I am not selling our property? Or is that only necessary when/if I sell the property?

[DoninGA]

That is only required when you sell the property.

[tagteam]

You do not need to report the step up in basis unless and until you sell the property.

You might, however, want to document (in the form of an appraisal or CMA) the fair market value of the property.

I am sorry for your loss.

[VolvoGirl]

Sorry for your loss.  My husband died too.  You report it when you sell.   Just keep track of it.  You probably need to get an appraisal to get the new value for the step up.  What state are you in?  I’m in California and it’s a community property state so I get a full step up instead of just his half.  Oh, I assume this is for your primary house?  If it’s a rental or something else it might be different.