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Posted by Alan on March 21, 2008, 1:27 pm
Please log in for more thread options sandy wrote:
> I'm trying to understand what my tax basis is now. My husband
> recently passed away and we held securities (stocks and mutual funds)
> jointly (he also had an IRA which has been moved into my IRA). I live
> in Washington state (which I believe is a community property state).
>
> I think I've found that the total Joint account's tax basis will be
> stepped up to his date of death??? Using "Historical" stock value web
> sites, I've found this information on our holdings but I'm not sure
> which figure I should use.....the closing price, the high or low, or a
> average figure?
>
> Also.....Does the IRA's basis change also or how do I figure that (or
> do I even have to...will the brokerage company do all that for me?)
>
> Thanks! This is all new to me and I hope I asked my questions so you
> can understand what I'm asking!
>
> Sandy
>
As long as one-half of the community property is included in
valuing your husband's estate, then you get a 100% step up in
value. I have always used the average of the high and low prices
on the date of death.
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