Yet there is one wrinkle that might be exploited by some couples with long ago acquired jointly owned property. These rules are independent of each other, so both are true Community property states have unique rules
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Proper documentation and irs filings, like forms 709 and 706, are critical for compliance and asset protection
Irc section 1014 (e) prohibits a step up in basis in regards to appreciated property that was acquired by the decedent via a gift within one year of their death
Thus, section 1014 (e) would provide for a carryover basis for such property. This could enable the surviving spouse to sell trust assets with little to no capital gains tax. When the heir sells this asset, they only pay money on profits calculated from the day they inherited it Moreover, this loophole is crucial for estate planning.
“if you transfer the account solely into her name, and your wife passes away before you do, you will get the full step up in basis for all the appreciated stock,” she said “you would assume the fair market value of the securities at the date of death.”
