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My aunt and uncle purchased a condo, joint tendancy in 1975

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for $31,000. My uncle...
My aunt and uncle purchased a condo, joint tendancy in 1975 for $31,000. My uncle died in l991 and my aunt transfered the the title to her Trust dated l991 in her name. Does the cost basis now become the Fair Market Value in l991 or remain the original purchase price in 1975?
Submitted: 8 years ago.Category: Tax
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Answered in 1 minute by:
3/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello Dmar,

What state did your aunt and uncle live in when your uncle died?

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Customer reply replied 8 years ago
Tax Professional: Merlo, Accountant replied 8 years ago
Hello again Dmar,

Since California is a community property state, when your uncle died that means that your aunt received a full stepped up basis in the property. Her new basis became whatever the fair market value was of the condo at the time your uncle passed away. Her basis does not revert back to the original purchase price.

In states other than community property states, the spouse receives a 50% stepped up basis, but if they were residents of California, then she receives a full stepped up basis in the property.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.



Merlo
Merlo, Accountant
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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