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We are a married couple and own our home with a low basis.

If we sell we will...
We are a married couple and own our home with a low basis. If we sell we will have a substantial increase in basis, and even after 500k exclusion we will have a substantial capital gain and tax. If after the first to die, the survivor sells. Is there a step up in the basis, or partial step up or what?
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Answered in 1 minute by:
2/1/2016
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,229
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good evening. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? In what state are you located? Thanks!

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Customer reply replied 2 years ago
Califronia

Thanks for following up. That's great! That's because California is a community property state. And, in community property states, when one spouse dies, the basis of the entire property gets increased to its fair market value. In non-community property states, only the deceased spouse's share gets adjusted to fair market value, but community property states result in an adjustment of the basis for the entire property to its fair market value. You can verify this at the following IRS website: https://www.irs.gov/publications/p551/ar02.html

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Richard
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Category: Real Estate Law
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Thank you so much for the positive rating! I know rating takes an additional step and I truly appreciate you taking the extra time! Also, thank you for your kindness in giving me a bonus! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Customer reply replied 2 years ago
If we move out of our home (to retirement home) then rent.it out, can I still get a stepped up basis after the first to die?.
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