Step up(or down) spouse die 3 years apart.

[cathy arbogast]

Hello All,

  I am filing for a couple that have not filed in several years and now both are deceased.  Have a living trust, a primary residence and 2 rental properties in CA.  

  She passed in Sept 2020 and he passed Jan 19, 2024.  I understand I need the appraisals of values as of July 2020 but can I again step up based on the date of his passing. I had seen in one of these posts that we could not step up twice but I believe that was regarding using the step up in the trust then transferring to a beneficiary.  Just want to make sure.

Thank you, appreciate clarification

  

--

Catherine Arbogast

Enrolled Agent

5755 Valentine Rd Ste 202

Ventura, Ca  93003

805 644-1022    FAX  805 644-9022

This message is intended only for the designated recipient(s). It may contain confidential or proprietary information and may be subject to client privilege or other confidentiality protections. Any accounting, business or tax advice contained in the communication, including attachments are not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If you are not a designated recipient, you may not review, copy or distribute this message. If you receive this in error, please notify the sender by reply e-mail and delete this message. Thank you.

[Lee Reams]

You are probably thinking about inheriting a prior gift.  In you case the basis is FMV at date of death in both cases.

Lee

--
You are subscribed to the ClientWhysConnect group.
Post Address: clientwh...@googlegroups.com
Unsubscribe Address: clientwhysconn...@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/clientwhysconnect?hl=en?hl=en
 
Disclaimer --- You use the information shared on ClientWhysConnect.com at your own risk. The information is based upon unsubstantiated member opinions and if you have concerns about the validity of the information you should research the issue thoroughly yourself and arrive at your own conclusions. We will never share any of the information you’ve provided to the ClientWhysConnect.com list with anyone.
---
You received this message because you are subscribed to the Google Groups "ClientWhysConnect" group.
To unsubscribe from this group and stop receiving emails from it, send an email to clientwhysconn...@googlegroups.com.
To view this discussion on the web visit https://groups.google.com/d/msgid/clientwhysconnect/CANyPGGsEQ667Y8t7BeRLgHHsfnL4J20N2kh%2BVNTWW1abzDQMTQ%40mail.gmail.com.

 

	Lee Reams Sr., BSME, EA Chief Content Officer CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE p: 1.800.442.2477 x240 w: www.countingworkspro.com/  e: lee....@countingworks.com
See how CountingWorks can grow your practice.

 

[cathy arbogast]

Thank you Lee, I feel much better now and can really help my client.

To view this discussion on the web visit https://groups.google.com/d/msgid/clientwhysconnect/D546FC7C-9079-400F-BBEC-2FDDDC312851%40clientwhys.com.