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

[Jeff at bellanddavispllc.com]

Thanks Bryce!

 

Jeff

 

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: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com> 
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com
 
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Bryce Dille
Sent: Thursday, July 1, 2021 10:23 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Husband and Wife holding title to home as JTWROS and
step up in basis

 

If held with spouse get step up in basis on 100% of property whether held in
Jt tenancy or as community property or even if her separate property  and
surviving spouse inherits it. However if held with non spouse only get step
up in basis as to deceased Jt tenants interest

 

Bryce H. Dille

Dille Law, PLLC

2010 Caton Way SW Ste. 101

Olympia, WA 98502

Office: 360-350-0270

Cell: 253-579-5561

 

** Please note that I use the dictation feature of my iPhone and that
sometimes everything I say does not get properly translated**

 

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Business Entity Creation and Management, Business, Government and Tax Law,
Real Estate and Land Use, Residential, Commercial and Condominium
Development Real Estate and Commercial Transactions & Closings, Including
Performing Services as IRS Section 1031 Exchange Facilitator Estate
Planning, including Wills and Trusts, and Probate Administration
Representation Homeowners/Condominium Association Real Estate Developments
Real Property Foreclosures and Forfeitures.

 

From: wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com>
<wsbapt-bounces at lists.wsbarppt.com
<mailto:wsbapt-bounces at lists.wsbarppt.com> > On Behalf Of
Jeff at bellanddavispllc.com <mailto:Jeff at bellanddavispllc.com> 
Sent: Thursday, July 1, 2021 10:10 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com
<mailto:wsbapt at lists.wsbarppt.com> >
Subject: [WSBAPT] Husband and Wife holding title to home as JTWROS and step
up in basis

 

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: jeff at bellanddavispllc.com <mailto:jeff at bellanddavispllc.com> 
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com
 
The information contained in this e-mail message may be privileged,
confidential, and protected from disclosure. If you are not the intended
recipient, any dissemination, distribution, or copying is strictly
prohibited. If you think that you have received this e-mail message in
error, please e-mail the sender at  <mailto:info at bellanddavispllc.com>
info at bellanddavispllc.com  or call 360.683.1129.

 

 

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