Discussion:California Community Prop WROS

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Discussion Forum Index --> Tax Questions --> California Community Prop WROS

George Frampton (talk|edits) said:

3 August 2007
For estate tax purposes, there's JTWROS and there's community property. But now there's community property WROS. Is this supposed to be the best of both worlds? It avoids California Probate and it allows a step up in basis in the event of the first death?

JAD (talk|edits) said:

3 August 2007
That's my understanding.

Kevinh5 (talk|edits) said:

3 August 2007
Will Registered Domestic Partners get both basis halves of CPWROS stepped up?

Riley2 (talk|edits) said:

4 August 2007
Big controversy on the step-up issue. Some practitioners are arguing that the 1014(b)(6) step-up on the survivor’s one-half does not apply since the decedent’s one-half interest in the property is not included in the gross estate under Sec. 2033 by virtue of the fact that the decedent’s one-half interest expires at death. Hopefully, the Service will issue a ruling on this in the near future.

Registered domestic partners may hold property as community property with right of survivorship; however, for Federal tax purposes, the step-up on the survivor’s one-half of the property would not be allowed.

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