TAXPAYER HUSBAND DIED AND WIFE SOLD JOINTLY OWNED LAND AFTER HIS DEATH. THE fmv OF THE LAND AT HIS DEATH IS $50,000. i USED THIS AS THE BASIS. IS THIS CORRECT. tEXAS IS A COMMUNITY PROPERTY STATE.
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Pookie -
Yep.
You're good to go.
Bill -
Basis
Yes, you are correct. However, if this happened in a state that was not a community property state, you would have had a division on the basis of the land. Half for husband on the date of his death and half for the wife on the original basis. I just had a client who owned rental property in Hawaii with his wife who died last year. The basis for this sale was divided.Comment
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