Step Up In Basis

[gman]

Taxpayer dies and has the following property:

personal residence
rent house
farm

Do these all qualify for step up in basis on taxpayers death?

[veritas]

If the values have increased he may have a stepped up basis at date of death or alternative date. That is if it's in his name alone and not some other form of ownership. Like those goofy Life Estates.

[OldJack]

Taxpayer dies and has the following property:

personal residence
rent house
farm

Do these all qualify for step up in basis on taxpayers death?

yes stepup for the estate (if sold by the estate) or beneficiary receiving the asset. If beneficiary is spouse owning jointly.. then stepup is only for dead taxpayers half.

[Bird Legs]

Unless

it is located in a community property state. Then the step up in basis applies to
the whole.

[Unregistered]

it is located in a community property state. Then the step up in basis applies to
the whole.

That should be "unless it is TITLED as community property." Every practitioner that deals with returns from community property states should research the various types of title available in CP states.