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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12705
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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In CA, if a primary residence is held 1/2 in a revocable

Customer Question

In CA, if a primary residence is held 1/2 in a revocable trust for the male spouse who lives in the house, and the other 1/2 is held as separate property of the married woman who lives apart from her spouse, what is the basis of the property for both spouses (who file married filing Joint tax returns) if the male spouse dies?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.



I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from Mercer University's Stetson School of Business and Economics, as well as CFP and CRPS designations.

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The answer depends on who inherits the house ... if the female spouse here inherits the house under the terms the trust, then she will get the step up in basis to the fair market value of the property on the 1/2 that she inherits ... the basis in the half she already holds will remain the same.


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