Stepped up cost basis question

[SpringMan]

Assuming a married couple has a joint taxable account and one spouse passes, does the surviving spouse get a stepped up cost basis on the 50% they inherited or is it 100% or 0%? State is Michigan if that matters.

[dwickenh]

Yes, there is a step up basis with a formula like this "(Date-of-death fair market value + Old basis) / 2 = New Basis"

This is for a spouse only joint ownership in a taxable account.

link for Michigan specific info.

https://www.legalconsumer.com/inheritan ... D=34&ST=MI

[SpringMan]

Thanks.