NECPA in NEBRASKA Posted April 14, 2023 Report Share Posted April 14, 2023 Husband passed away in 11/22 and wife passed 12/22. Stock was sold between deaths so she gets a step up in basis. Do I use Inherited for the date acquired or the actual date? I'm hoping that she still gets to treat it as long term gain. Thanks! Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 14, 2023 Report Share Posted April 14, 2023 Yes she gets step up. If the stock was held only in his name, she gets full step up, if held jointly only half step up. Inherited property is automatically long term. When you enter inherited as the transaction type, ATX will fill in long term for you. Tom Longview, TX 6 Quote Link to comment Share on other sites More sharing options...
BrewOne Posted April 14, 2023 Report Share Posted April 14, 2023 If the stock was 100% owned by the husband. How was the brokerage account set up originally? With the quick sale after his death, would think it was a joint account with right of survivorship or maybe transfer on death (TOD)? 1 Quote Link to comment Share on other sites More sharing options...
NECPA in NEBRASKA Posted April 14, 2023 Author Report Share Posted April 14, 2023 It was held jointly and sold to take care of her nursing care. I did figure the 1/2 jump up. Thanks for everyone's advice. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted April 14, 2023 Report Share Posted April 14, 2023 1 hour ago, BulldogTom said: If the stock was held only in his name, she gets full step up, Not in every situation, it could be considered marital property for estate purposes (and divorce) depending on how the stocks were acquired, or where the source of funding to purchase them came from. For example, if he bought the stocks using money he earned while they were married it is considered marital property. In that situation wife has an ownership right. 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 14, 2023 Report Share Posted April 14, 2023 I am dealing with a similar situation 1 dies 12/22 and one dies 1/23. 1 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 15, 2023 Report Share Posted April 15, 2023 Irregardless, Inherited is always long term. 2 Quote Link to comment Share on other sites More sharing options...
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