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• 1. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     RE: the affidavit of death do you agree that submitting the joint tenancy surviving spouse document is the better choice ? Will this affidavit have any bearing on my full step-up or is it unrelated ?

     • HMR2
     • Post #20
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  2. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     Yes, it was regular transaction. No special considerations. We, a married couple in California, purchased this house in 1992 and titled as joint tenancy ( which I believe was how a majority of married couples did it back then ).

     • HMR2
     • Post #19
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  3. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     When selling any property (whether real, personal, or intangible) the gain realized on the sale for federal and California income tax purposes is determined by subtracting the taxpayer's adjusted basis in the property from the net sales price (gross sales price less certain expenses of sale). In...

     • HMR2
     • Post #17
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  4. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     No, I haven't recorded her death with the county but I'm aware that I need to do so before selling. I never even thought about selling until recently. Interesting comment that you make about " affidavit of death of joint tenant or affidavit of surviving spouse succeeding to title to community...

     • HMR2
     • Post #15
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  5. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     So, in your opinion, is the bottom line that California's community property status overrides the joint tenancy title that I'm inquiring about ? As a result, I should be entitled to the full step-up to FMV at the time of her death ? TIA.

     • HMR2
     • Post #11
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  6. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     That's the core question. I've read a couple of discussions that state that I can convert from joint tenancy to community property after a spouse dies. One source even stated that Federal law allows for a retroactive change to community property after a spouse dies. Another says a simple...

     • HMR2
     • Post #8
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  7. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     See my reply to Taxing Matters ...

     • HMR2
     • Post #6
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  8. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     So, in your opinion, the lower ( 1/2 step up ) shouldn't apply in my case even though the property was titled in joint tenancy back when we bought it in 1992 ? Therefore, here in California I would be entited to the full step up to FMV at the time of her death ? Thanks for any follow up.

     • HMR2
     • Post #5
     • Apr 7, 2021
     • Forum: Wills, Trusts and Estate Planning
  9. H

     Converting House Title From Joint Tenancy To Community Property After Spouse Dies

     My late wife and I purchased our home in California in 1992 as joint tenancy ownership. She passed away in 2006. It's my understanding that I can convert the ownership from joint tenancy to community property in order to maximize my step-up basis when I sell the house. Is this true and, if so...

     • HMR2
     • Thread
     • Apr 7, 2021
     • Replies: 19
     • Forum: Wills, Trusts and Estate Planning