Quote:
Originally Posted by MidWestIA
what if she dies first
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If she is the sole owner at the time of her death spouse gets step up on entire residence.
I've have several situations where the last to die passed away - step up basis went to market value and the beneficiary(ies) had a tax deductible capital loss because of selling costs bringing the net sales price below the market value at date of death.
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams
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