Surving Spouse will sell their residence titiled to thre Family Living Trust

[John Moore]

Is this considered community property in CA ?  Will both halves of the property receive stepped up basis.  Husband will sell within 2 yr period.  

John Moore

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[Lee Reams]

John,

Yes, treated as community property, surviving spouses’ basis in the property is the FMV of the property on deceased spouse date of death.  

Lee

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	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
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