What if a husband and wife own a home together that increases in value by $500,000. When one spouse dies and the other owns the property themselves, do they receive a step-up in basis? Or do they only ...

Understanding how the basis step-up rule operates is important for navigating the complexities of estate planning and taxation, as it can significantly impact the financial outcomes of inheritances.

Dear Liz: I own a house with my longtime boyfriend. If one of us dies, how does the capital gains step-up affect the other? Answer: The deceased partner’s share of the home will get a new basis for ...