I have a scenario that I'm not familiar with. Husband and wife transferred assets into revocable living trust. Wife passed last year and husband is selling some stock this year. Would he get a 100% step-up basis on the stocks on date of wife's death? Or would he only get the step-up on her half of the stocks and his half would remain the original basis? Note: they are in the community property state of California. Not sure if transferring to the trust would make him lose out on the full step up of basis? Thank you in advance
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Does the trust document specify which properties contributed are considered community under state law? If so and it was a community account, I'd say 100% basis step-up (or down)."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard
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