Have a Tax Question? Ask a Tax Expert
Good afternoon. My name is ***** ***** I look forward to helping you.
Actually, because you are in CA and CA is a community property state, the entire basis is adjusted at the death of one spouse. So, you can increase the entire basis of the home in calculating your gain. And, because this is your principal residence, you are entitled to an exclusion of up to $250,000 from capital gain on the sale of your principal residence. So, due to the step up of the full basis to fair market value and the exclusion, you will have no gain and no tax. :)
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!
I think I have answered your question fully, but I just wanted to let you know that I will be away at a family dinner for the next several hours. Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.
HI there. I just wanted you to know I am back in case you have any further questions. Thanks for your patience.