Will I receive stepped-up basis for stock I owned with my Mom?
September 29, 2008
Date: Tue, 03 Jul 2007
My mother owned 2,000 shares of stock. Before her death, she added my name to the account as joint tenant with rights of survivorship. All of the investments made in the account were hers, none were made by me. When I sell the shares, can I receive stepped-up basis as of her date of death?
Date: 07 Aug 2007
Yes. Property owned as joint tenants with an individual who isn't the decedent's spouse for which the decedent provided all of the consideration is fully includable in the decedent's taxable estate, and therefore eligible for a 100% basis adjustment at death (or the alternate valuation date, if applicable).
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