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Basis Adjustment For Surviving Spouse? Expand / Collapse
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Posted 3/4/2006 4:38:32 PM
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I will ask the attorney for confirmation, but where would I find the answer to this question:

Husband and wife are living apart and holding title to all real estate as 50% tenants in common.  Lets assume (not sure about this) that the real estate was purchased with community funds.  Would the surviving spouse get a step up in basis on the 50% that they own if it was purchased with community funds? 

Thanks,

Glenn

Post #104
Posted 3/9/2006 12:35:12 PM
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I think if it was community property there is a step up. The problem may be convincing the IRS it was community even though it was held as tenants in common. That's what you need the attorney to do.   
Post #111
Posted 3/10/2006 12:47:10 PM
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Thanks Richard.  I asked the attorney and he said before the title was changed to TIC it was held as JT.  He thought no step up for surviving spouse.

Glenn

Post #113
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