schirallicpa Posted February 22, 2022 Report Share Posted February 22, 2022 Taxpayer had purchased real property in his name only in NYS. While married. Then he died a few months later. Does the wife keep his basis or does she step up? Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 23, 2022 Report Share Posted February 23, 2022 Your state law will determine if it is stepped up 100% or some other portion. If she did not own any part of it (based on state law) before his death, she should get 100% stepped up basis like any other person who inherits. If she was a partial owner (based on state law) then only his portion gets stepped up. Tom Longview, TX 6 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 23, 2022 Author Report Share Posted February 23, 2022 Thank you for confirming what I was thinking. Already getting brain fog and we're really only a month in... Quote Link to comment Share on other sites More sharing options...
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