[WSBAPT] Husband and Wife holding title to home as JTWROS and step up in basis

[Jeff at bellanddavispllc.com]

Listmates, 

 

Somewhere in my aged memory, I thought the IRS had issued a ruling (which
can't be located) that where a married couple held title to their home (or
any real property) as JTWROS, the survivor, on the death of the first
spouse, would get a 100% step-up in the cost basis equal to the property's
FMV on the date of death.   Does anyone else have that understanding?

 

Jeff Davis

 

W. Jeff Davis

BELL & DAVIS PLLC
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email:  <mailto:jeff at bellanddavispllc.com> jeff at bellanddavispllc.com
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com
 
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