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Financial Planning / Tax Strategies


Subject:  Re: inherited tax ques. Date:  12/6/2012  9:44 AM
Author:  TMFPMarti Number:  117078 of 133140

My husband and I had a joint account that was in a living trust. He died in 2008 and I inherited all our assets.

Yours is a basis question. If these were community property assets your basis is stepped up to the value on his date of death. Otherwise your basis is 1/2 of your original basis plus 1/2 of the value as of his date of death.

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