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Jun 19, 2024
3:12
:14
pm
cougar95
All-American
It was the full step up when I sold my fathers home in
CA at the time of his death a few years ago.
Incredible savings. I can't believe Newsom hasn't repealed or tried to repeal that yet.
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cougar95
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cougar95
Joined
Nov 11, 2002
Last login
Sep 27, 2024
Total posts
3,577 (3 FO)
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Messages
Author
Time
Reporting step up basis on rental property from death of spouse. In California.
bdizzle
Jun 19, 3:07pm
It was the full step up when I sold my fathers home in
cougar95
Jun 19, 3:12pm
Had both parents passed at that point or was one still living? If both have died
bdizzle
Jun 19, 3:16pm
If CP, full FMV steup on both deaths.
Jeremy
Jun 19, 3:18pm
My mom is still alive
cougar95
Jun 19, 3:21pm
It's federal, not state.
Jeremy
Jun 19, 3:17pm
When the first spouse dies the surviving spouse gets a 1/2 step up.
oohYeah
Jun 19, 3:15pm
This is not true if it is CP.
Jeremy
Jun 19, 3:18pm
If CP, then full fair market value on the date of the spouse's death
Jeremy
Jun 19, 3:16pm
That is is my understanding as well. CA is a community property state so
bdizzle
Jun 19, 3:19pm
All property is either CP or SP regardless of title.
Jeremy
Jun 19, 3:28pm
Doesn't the title have to indicate community property or community property with
Huge Manatee
Jun 19, 3:41pm
No, law presumes CP in most cases. But it helps.
Jeremy
Jun 19, 3:44pm
Are you assuming they bought the property with community property funds?
Huge Manatee
Jun 19, 3:54pm
RE: Are you assuming they bought the property with community property funds?
Jeremy
Jun 19, 4:14pm
Property was purchased in 1975. Cited law applies to transactions after 1987
dratax
Jun 19, 4:22pm
"Unless the instrument of transfer expressly provides otherwise"
dratax
Jun 19, 4:30pm
2001 CA law: JTWROS= 50% step up and CPWROS=100% step up. JT is not community
dratax
Jun 19, 4:43pm
The property was treated as community property for all intents and
bdizzle
Jun 19, 5:23pm
You seem to have a good understanding of what CA law is right up to the point
dratax
Jun 19, 5:57pm
What document are you referring to? I don't see a document posted besides the
bdizzle
Jun 19, 6:51pm
The document that says the property is held as joint tenants
dratax
Jun 19, 9:18pm
This is wrong.
Jeremy
Jun 20, 10:38pm
I'm just relating what the websites
dratax
Jun 20, 11:49pm
where does it say the law applies to transactions after 1987? It says the
bdizzle
Jun 19, 6:54pm
The parties agreed to treat the property as joint and not community
dratax
Jun 19, 4:25pm
Not really. They paid property taxes on it for almost 50 years
chismoso
Jun 19, 3:18pm
True savings isn't the right word. Although they haven't really paid much
bdizzle
Jun 19, 3:24pm
Did they pay property taxes at fair-market rates for almost 50 years?
russkiejedi
Jun 19, 3:45pm
Not exactly what you think when it’s been taxed off original purchase price.
kapcreations
Jun 19, 5:08pm
<< Deleted >>
BYUMizzou
Jun 19, 3:48pm
Not sure how CA works, but in NV I sold an industrial building for a couple
Gente_Boa
Jun 19, 3:52pm
NV and CA work the same.
Jeremy
Jun 19, 4:14pm
Based on the information provided, 50% step up
dratax
Jun 19, 4:10pm
See the link below from the CA supreme court. The summary says
bdizzle
Jun 19, 7:07pm
I almost stood corrected, then I read the opinion . It says it does not apply to
dratax
Jun 19, 10:28pm
Nice catch! I didn't see that. Maybe because I am hoping the full step up
bdizzle
Jun 19, 11:04pm
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