Residents of ninecommunity propertystates, including California, can use the double step-up in basis rule. This allows a step-up in basis for community property—assets accumulated during marriage, excluding inheritances and gifts—for the surviving spouse. In other states, assets owned solely by ...
Community property states may see what is called adouble step-up basis. This means that a spouse is able to take the first step-up basis when taking over the property held in a revocable living trust with the other spouse. When the second spouse dies, the beneficiary would get the second...
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