rdt7799[at]aol.comgnk (RD) wrote:

- quote -

No. Generally, in community property states, a jointly-owned
assed receives a 100% stepup to date-of-death value of
either spouse. When the surviving spouse dies, the assets
again receive a 100% stepup to FMV on the date of death of
that person.

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My uncle owns a small farm in Texas (community property
state). His wife died a couple years ago, and all property
flowed to my uncle. If he were to sell his farm now, would
half of the farm's basis have been stepped-up by his wife's
death? i.e., would half of the farm basis been increased at
the time of her death? Thanks.

RD

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