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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: step up basis Date: 10/8/2009 8:08 PM
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ptheland:

<<<PS - Peter, you too. >>>

"Reading between the lines is an acquired skill. In my case, it comes from doing too many tax returns for people who want to tell the truth, the whole truth (when it's beneficial to them), and nothing but the ... well ... let's just skip that last part, shall we? ;-)

I'll admit I made the assumption that we're dealing with real estate and the death of a spouse. I think the information with which I responded is correct. Whether it actually applies to the OP is another question."


I agree that both you and Phil stated the rules properly, and I also agree that whether the rules acutally apply to the OP is another matter.

Admittedly, I also spend to much time arguing about words, but

"we [1] have a rental property that one of the spouses died and would like to sell. it has been fully depreciated so we [2] would like to sell it. some one said we [3] would not have to be taxed on 50% because he died and she can get 1/2 of it, not taxed?"

I cannot parse the sentence to make sense with the second and third "we" unless it becomes singular.

we have a rental property that one of the spouses died and [the surviving spouse] would like to sell. it [the rental propery] has been fully depreciated so we [the surviving spouse?] would like to sell it. some one said we [the surviving widow?] would not have to be taxed on 50% because he died and she can get 1/2 of it, not taxed?"

Also, to ask a tax question, what happens to the depreciation previously taken and usual recapture requriements?

Regards, JAFO
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