How Community Property Versus Separate Property States Can Be a Tax Dream or A Tax Nightmare–Part 2
Автор: Skloff Financial Group
Загружено: 2024-11-01
Просмотров: 3
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This excerpt from the Skloff Financial Group website outlines the tax implications of community property versus separate property states, particularly regarding inheritance and the "step-up in basis" provision. The author explains that in community property states, the surviving spouse receives a full step-up in basis on jointly owned assets, potentially resulting in significant tax savings. However, in separate property states, the surviving spouse only receives a 50% step-up in basis, which can lead to substantial capital gains taxes upon the sale of inherited assets. The article emphasizes the importance of understanding these differences when developing estate planning and tax strategies.
Article Link:
https://skloff.com/how-community-prop...
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