Joint Accounts and Step Up Basis

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Norton750
Posts: 116
Joined: Sat Mar 17, 2007 11:25 am

Joint Accounts and Step Up Basis

Post by Norton750 » Mon Nov 25, 2019 1:11 pm

I have some observations and questions regarding joint property and step up basis.

Let’s take an example of a married couple who are retired and living largely off of their investment portfolio in a taxable (non-retirement) account. The investments have been held for a long time and all shares have built up significant capital gains. The couple owns everything 50/50 and all investments are jointly held. Each year they sell some shares (incurring capital gains taxes) in order to cover their living expenses.

When the first spouse passes and leaves everything to the surviving spouse, the survivor gets a step up on half of the basis for all shares in all of the taxable funds. But there still remains significant capital gains tax to be paid for every share sold. And for the survivor, the standard income tax deduction is now halved and single tax rates apply, so the income taxes may bite harder.

But what if the couple had each held their half of the portfolio in their own name (with the other spouse named as TOD beneficiary). Now when the first spouse passes, the survivor inherits half of the portfolio with a 100% step up basis. This half of the portfolio can now be kept separate and selling shares from this half results in no capital gains being due (except for any postmortem appreciation). Considerable income taxes might be saved while the stepped-up half of the portfolio is being liquidated. And perhaps the second half of the portfolio (the half without the stepped-up basis) would end up in the second spouse's estate and it would then receive a stepped up basis of its own.

Does anyone see any downsides to the approach of splitting the portfolio into separate accounts (other than the hassle of splitting the account)? Has anyone done this for tax reasons? Any other comments?

Thanks.

User avatar
HueyLD
Posts: 7217
Joined: Mon Jan 14, 2008 10:30 am

Re: Joint Accounts and Step Up Basis

Post by HueyLD » Mon Nov 25, 2019 1:15 pm

Do you live in a community property state (CPS)? The basis step up rules are different in CPS.

bsteiner
Posts: 4397
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Joint Accounts and Step Up Basis

Post by bsteiner » Mon Nov 25, 2019 2:57 pm

What if they held the account as tenants in common. Say they had 100 shares of XYZ with a basis of $100 and value of $200. After one dies, does the survivor have a basis of $50 in 50 shares and the decedent's estate and beneficiaries a basis of $100 in 50 shares? Or do they each have 50 shares with a basis of $75?

senex
Posts: 301
Joined: Wed Dec 13, 2017 4:38 pm

Re: Joint Accounts and Step Up Basis

Post by senex » Mon Nov 25, 2019 4:31 pm

Norton750 wrote:
Mon Nov 25, 2019 1:11 pm
When the first spouse passes and leaves everything to the surviving spouse, the survivor gets a step up on half of the basis for all shares in all of the taxable funds. But there still remains significant capital gains tax to be paid for every share sold.
My experience with a regular JTWROS account is that the brokerage steps up half the individual shares (this was in a non-community-property state).

e.g if before death, the account had 100 shares of MSFT at orig basis $9 and if MSFT was worth $150 at date of passing, then it now has:
50 shares at cost basis $9
50 shares at cost basis $150

And you could sell the 50 shares with $150 basis (assuming MSFT is approx $150 today) and pay little/no tax on those. (You should always do lot identification and not avgcost if you care about taxes)

Several major brokerages did this same thing in the case I know, so it appears to be standard practice.

Topic Author
Norton750
Posts: 116
Joined: Sat Mar 17, 2007 11:25 am

Re: Joint Accounts and Step Up Basis

Post by Norton750 » Mon Nov 25, 2019 6:55 pm

senex wrote:
Mon Nov 25, 2019 4:31 pm
My experience with a regular JTWROS account is that the brokerage steps up half the individual shares (this was in a non-community-property state).

e.g if before death, the account had 100 shares of MSFT at orig basis $9 and if MSFT was worth $150 at date of passing, then it now has:
50 shares at cost basis $9
50 shares at cost basis $150

And you could sell the 50 shares with $150 basis (assuming MSFT is approx $150 today) and pay little/no tax on those. (You should always do lot identification and not avgcost if you care about taxes)

Several major brokerages did this same thing in the case I know, so it appears to be standard practice.
senex:
Very interesting and very much not what a member of the Vanguard "transition team" described to me. I'll call back and try another rep.

bsteiner:
I'll also ask Vanguard if tenants in common is an option with them.

HueyLD:
I'm in the Northeast - so not community property.

Thanks for the replies.

bsteiner
Posts: 4397
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Joint Accounts and Step Up Basis

Post by bsteiner » Mon Nov 25, 2019 7:15 pm

senex wrote:
Mon Nov 25, 2019 4:31 pm
Norton750 wrote:
Mon Nov 25, 2019 1:11 pm
When the first spouse passes and leaves everything to the surviving spouse, the survivor gets a step up on half of the basis for all shares in all of the taxable funds. But there still remains significant capital gains tax to be paid for every share sold.
My experience with a regular JTWROS account is that the brokerage steps up half the individual shares (this was in a non-community-property state).

e.g if before death, the account had 100 shares of MSFT at orig basis $9 and if MSFT was worth $150 at date of passing, then it now has:
50 shares at cost basis $9
50 shares at cost basis $150

And you could sell the 50 shares with $150 basis (assuming MSFT is approx $150 today) and pay little/no tax on those. (You should always do lot identification and not avgcost if you care about taxes)

Several major brokerages did this same thing in the case I know, so it appears to be standard practice.
The issue is what the law says, not what the broker says.

User avatar
RickBoglehead
Posts: 4883
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: Joint Accounts and Step Up Basis

Post by RickBoglehead » Mon Nov 25, 2019 7:19 pm

OP's understanding is wrong, at least for non-community property states.

If 100 shares are owned jointly, the cost basis on 50 of those shares is increased to date of death. Therefore, the surviving spouse can designate those 50 shares to be sold right away and have no gain unless value changed from date of death.

They do this retroactively once they get the death certificate and process it.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

LifeIsGood
Posts: 775
Joined: Mon Feb 11, 2008 8:43 pm
Location: Atlanta, GA

Re: Joint Accounts and Step Up Basis

Post by LifeIsGood » Tue Nov 26, 2019 7:50 am

Norton750 wrote:
Mon Nov 25, 2019 1:11 pm
And for the survivor, the standard income tax deduction is now halved and single tax rates apply, so the income taxes may bite harder.
In the year a spouse dies you can still file a married joint return.

aristotelian
Posts: 6453
Joined: Wed Jan 11, 2017 8:05 pm

Re: Joint Accounts and Step Up Basis

Post by aristotelian » Tue Nov 26, 2019 10:37 am

If I understand the question, it would be easy to split the accounts. I'm not sure it will make the transfer process any easier. I might start by calling your custodian and asking how they would handle the process should something happen to you. Hopefully they give a good answer and you can sleep at night without changing anything

senex
Posts: 301
Joined: Wed Dec 13, 2017 4:38 pm

Re: Joint Accounts and Step Up Basis

Post by senex » Tue Nov 26, 2019 11:03 am

bsteiner wrote:
Mon Nov 25, 2019 7:15 pm
senex wrote:
Mon Nov 25, 2019 4:31 pm
My experience with a regular JTWROS account is that the brokerage steps up half the individual shares (this was in a non-community-property state).
The issue is what the law says, not what the broker says.
I figured that the major brokerages would follow the law.

Do you believe they are breaking the law by doing what I described? If so, how would you remedy it?

senex
Posts: 301
Joined: Wed Dec 13, 2017 4:38 pm

Re: Joint Accounts and Step Up Basis

Post by senex » Tue Nov 26, 2019 12:14 pm

Norton750 wrote:
Mon Nov 25, 2019 6:55 pm
senex:
Very interesting and very much not what a member of the Vanguard "transition team" described to me. I'll call back and try another rep.
Interesting, my experience didn't include a Vanguard account. Maybe Vanguard does it differently.

bsteiner's comment makes me wonder if perhaps Vanguard is correct in stepping up each share halfway (presumably?), vs the brokerages I saw are wrong to do a full step-up on half the quantity of shares. Or maybe there are a wide range of legit legal interpretations and both are acceptable.

It may depend on the precise legal definition of "ownership" of shares of stock in a JTWROS account.

Say you have 100 shares MSFT in a JTWROS. If, by definition, a married JTWROS requires that 100 shares must be owned by husband (50% interest in each share) AND 100 shares must be owned by wife (50% interest in each share), then the blended basis seems right. If JTWROS allows ownership to be construed as "50 shares owned entirely by husband, 50 shares owned entirely by wife," then the cases I observed seem acceptable.(?)

I can't find an IRS pub addressing this specific case, or really anything at all on the internet, or even a reference to a legal book/resource that would provide that definition. It's a bit eerie how this foundational concept of Joint Tenantship, which nearly everyone will encounter at some point in life, lacks a consistent, precise, & accessible definition. It's so imprecise that major corporations with huge legal teams appear to interpret it totally differently. Perplexing.

mptfan
Posts: 5637
Joined: Mon Mar 05, 2007 9:58 am

Re: Joint Accounts and Step Up Basis

Post by mptfan » Tue Nov 26, 2019 3:01 pm

senex wrote:
Tue Nov 26, 2019 12:14 pm
I can't find an IRS pub addressing this specific case, or really anything at all on the internet, or even a reference to a legal book/resource that would provide that definition. It's a bit eerie how this foundational concept of Joint Tenantship, which nearly everyone will encounter at some point in life, lacks a consistent, precise, & accessible definition. It's so imprecise that major corporations with huge legal teams appear to interpret it totally differently. Perplexing.
That's not surprising. As someone who deals with the law everyday I can tell you there are more gray areas and more room for interpretation of laws that most people realize.

User avatar
FIREchief
Posts: 3640
Joined: Fri Aug 19, 2016 6:40 pm

Re: Joint Accounts and Step Up Basis

Post by FIREchief » Tue Nov 26, 2019 3:35 pm

Perhaps the Vanguard rep was assuming that the account was set up for average basis and not spec lot ID?
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

User avatar
Artsdoctor
Posts: 4112
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Joint Accounts and Step Up Basis

Post by Artsdoctor » Tue Nov 26, 2019 3:41 pm

I live in a community property state so this is just conjecture. But:

Wouldn't it depend on whether or not you have average cost versus specific lot ID set up for your joint accounts?

If you each had 100 shares that you bought together at $10, your cost basis would be $1,000.

On the date of death, if the price is $20, the balance would be $2,000. Half of the shares would receive the stepped up cost basis so 50 shares would now have the cost basis at $1,000 whereas the surviving spouse would have the original cost basis of $500 (50 shares at $10). If you were using the average cost basis method, you'd now have 100 shares with a cost basis of $1,500 ($500 + $1,000) instead of the pre-death cost basis of $1,000. But if you were using the specific lot ID method, wouldn't you have 50 shares with a cost basis of $1,000 and 50 shares with a cost basis of $500; and wouldn't you be able to pick your shares to sell?

User avatar
HueyLD
Posts: 7217
Joined: Mon Jan 14, 2008 10:30 am

Re: Joint Accounts and Step Up Basis

Post by HueyLD » Tue Nov 26, 2019 3:56 pm

I think I like the tax treatment for community property states much better. Why didn’t those common law states follow the lead of “smarter” ones? :D

Topic Author
Norton750
Posts: 116
Joined: Sat Mar 17, 2007 11:25 am

Re: Joint Accounts and Step Up Basis

Post by Norton750 » Tue Nov 26, 2019 4:19 pm

HueyLD wrote:
Tue Nov 26, 2019 3:56 pm
I think I like the tax treatment for community property states much better. Why didn’t those common law states follow the lead of “smarter” ones? :D
Community property states run in a swoosh along the US border from Louisiana up through Washington (plus Wisconsin, for some reason). These states basically grew their own state laws with Spanish law as a foundation. The rest of the states started with English law as a base.

ved
Posts: 729
Joined: Sat Jan 18, 2014 6:56 pm

Re: Joint Accounts and Step Up Basis

Post by ved » Tue Nov 26, 2019 5:00 pm

If you consider a property, then the step-up basis will apply as follows: Let's say the property was worth $100k at the time of purchase. So, Joe's cost basis is $50k, and Jane's is $50k.
The day (minute?) before Joe's death, let's say the property is worth $150k. So, Joe's value is $75k, and Jane's is $75k.
At the time of Joe's death Jane's portion of the cost basis is $50k (her original cost basis) + $75k (stepped up from Joe's death) = $125k.
And if she sells it that day, then her capital gain is: $150k - 125k = $25k.

Wouldn't it be the same in a jointly held brokerage account? Even if the shares are Spec_ID'd, each lot is considered as a jointly held "property", and the lot's step up basis will be adjusted. And not split each lot into two to make the cost basis of one half of the lot to the value at time of death.

So, wouldn't it be better to have two individual accounts, with the beneficaries as each other? That would be a clean separation, and not be subject to interpretation by the brokerage? If so, how to split the joint account into separate accounts?

Thanks

User avatar
RickBoglehead
Posts: 4883
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: Joint Accounts and Step Up Basis

Post by RickBoglehead » Tue Nov 26, 2019 5:07 pm

As I recall when my MIL passed, Vanguard split each lot into two, adjusting the basis up on half of each lot, and the. Putting all the shares into an individual account for my FIL. They will not simply remove a name from a joint account.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

ved
Posts: 729
Joined: Sat Jan 18, 2014 6:56 pm

Re: Joint Accounts and Step Up Basis

Post by ved » Tue Nov 26, 2019 5:20 pm

Thanks. Then, I guess it doesn't make a difference of holding one joint account or two separate individual accounts

Hockey10
Posts: 615
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: Joint Accounts and Step Up Basis

Post by Hockey10 » Tue Nov 26, 2019 5:21 pm

My wife and I have joint checking and savings accounts, but separate brokerage accounts. I never considered having a joint brokerage account. From a tax standpoint, I don't see an advantage to a joint brokerage account, but maybe I am missing something.

User avatar
RickBoglehead
Posts: 4883
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: Joint Accounts and Step Up Basis

Post by RickBoglehead » Tue Nov 26, 2019 5:26 pm

ved wrote:
Tue Nov 26, 2019 5:20 pm
Thanks. Then, I guess it doesn't make a difference of holding one joint account or two separate individual accounts
Vanguard does not allow POD/TOD on a joint account.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

ved
Posts: 729
Joined: Sat Jan 18, 2014 6:56 pm

Re: Joint Accounts and Step Up Basis

Post by ved » Tue Nov 26, 2019 5:28 pm

Hockey10 wrote:
Tue Nov 26, 2019 5:21 pm
From a tax standpoint, I don't see an advantage to a joint brokerage account,
What is the tax benefit of holding individual brokerage accounts? Do you MFJ?

Hockey10
Posts: 615
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: Joint Accounts and Step Up Basis

Post by Hockey10 » Tue Nov 26, 2019 5:55 pm

ved wrote:
Tue Nov 26, 2019 5:28 pm
Hockey10 wrote:
Tue Nov 26, 2019 5:21 pm
From a tax standpoint, I don't see an advantage to a joint brokerage account,
What is the tax benefit of holding individual brokerage accounts? Do you MFJ?
I was referring to getting a stepped up basis on all assets in an individual account at the time of death. This seems simpler from a tax standpoint than getting a stepped up basis on half the assets in a joint account at the time of death.

User avatar
Artsdoctor
Posts: 4112
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Joint Accounts and Step Up Basis

Post by Artsdoctor » Tue Nov 26, 2019 6:58 pm

HueyLD wrote:
Tue Nov 26, 2019 3:56 pm
I think I like the tax treatment for community property states much better. Why didn’t those common law states follow the lead of “smarter” ones? :D
At first glance, you're right.

But the community property status can also create more challenges. You may THINK that you've kept assets separate (for whatever reason), but the law might consider an individually held asset a joint asset. I'm not an expert on this but can speak to personal experience: you really have to jump through hoops to dis-entangle assets.

Topic Author
Norton750
Posts: 116
Joined: Sat Mar 17, 2007 11:25 am

Re: Joint Accounts and Step Up Basis

Post by Norton750 » Mon Dec 02, 2019 4:13 pm

    OP here...

    This topic has turned out to be much more involved than I had ever imagined. After checking with multiple reps on Vanguard's "transition team" (the people who handle issues arising from the death of a shareholder), I think I now understand this better.

    For a Massachusetts married couple with a standard joint account at Vanguard (JTROS), the default is to spread the step up in basis across all of the shares. BUT there is a magical "Cost Basis Adjustment Form for Inherited Shares" available from Vanguard that basically would allow you to specify the shares that are to receive the step up basis. This can be done regardless of which cost basis method is in effect for the account. This would occur after a joint owner has died. Vanguard asks that this be done in conjunction with your tax professional (so you don't complete screw it up I suppose).

    Caveats and Suggestions:
    • I was checking for my state (Massachusetts) - check for yourself if you're interested. There are certainly differences between what is allowed in different states. The number for the Vanguard transition team is 855-422-4965.
    • If this is of interest to you, search the Vanguard site for the form I named above.
    • You can set up accounts with different types of joint ownership at Vanguard (e.g., Tenants in Common), but again, this is state-specific. I did not investigate this, but it is another option. I believe that with this form of ownership, all of the step up basis goes to the inherited shares by default.
    • The answers I got were for Vanguard. I have no idea how other investment companies might handle this.
    And for anyone who has read this far into this arcane topic:
    If you have any involvement with settling affairs after the death of a joint owner of a Vanguard account, remember that when the second joint owner dies, the account may become part of that second owner's estate and be subject to probate. You cannot put a Transfer on Death (TOD) on a joint account at Vanguard (apparently because of Pennsylvania state law - who knew?). But when the first joint owner dies, at that point the surviving owner may want to specify a TOD beneficiary so that the money will not be subject to probate upon their death.

    Good luck and happy estate planning...

    User avatar
    RickBoglehead
    Posts: 4883
    Joined: Wed Feb 14, 2018 9:10 am
    Location: In a house

    Re: Joint Accounts and Step Up Basis

    Post by RickBoglehead » Mon Dec 02, 2019 4:49 pm

    Norton750 wrote:
    Mon Dec 02, 2019 4:13 pm
      OP here...

      This topic has turned out to be much more involved than I had ever imagined. After checking with multiple reps on Vanguard's "transition team" (the people who handle issues arising from the death of a shareholder), I think I now understand this better.

      For a Massachusetts married couple with a standard joint account at Vanguard (JTROS), the default is to spread the step up in basis across all of the shares. BUT there is a magical "Cost Basis Adjustment Form for Inherited Shares" available from Vanguard that basically would allow you to specify the shares that are to receive the step up basis. This can be done regardless of which cost basis method is in effect for the account. This would occur after a joint owner has died. Vanguard asks that this be done in conjunction with your tax professional (so you don't complete screw it up I suppose).

      Caveats and Suggestions:
      • I was checking for my state (Massachusetts) - check for yourself if you're interested. There are certainly differences between what is allowed in different states. The number for the Vanguard transition team is 855-422-4965.
      • If this is of interest to you, search the Vanguard site for the form I named above.
      • You can set up accounts with different types of joint ownership at Vanguard (e.g., Tenants in Common), but again, this is state-specific. I did not investigate this, but it is another option. I believe that with this form of ownership, all of the step up basis goes to the inherited shares by default.
      • The answers I got were for Vanguard. I have no idea how other investment companies might handle this.
      And for anyone who has read this far into this arcane topic:
      If you have any involvement with settling affairs after the death of a joint owner of a Vanguard account, remember that when the second joint owner dies, the account may become part of that second owner's estate and be subject to probate. You cannot put a Transfer on Death (TOD) on a joint account at Vanguard (apparently because of Pennsylvania state law - who knew?). But when the first joint owner dies, at that point the surviving owner may want to specify a TOD beneficiary so that the money will not be subject to probate upon their death.

      Good luck and happy estate planning...
      When one of the joint owners dies, Vanguard actually closes the joint account and opens and individual account for the surviving owner, which then allows the setup of beneficiaries.

      One way to ensure that the beneficiaries are setup is to open individual accounts now. Then, at time of death of one owner, the beneficiaries are already setup in the surviving owners account.
      Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

      bsteiner
      Posts: 4397
      Joined: Sat Oct 20, 2012 9:39 pm
      Location: NYC/NJ/FL

      Re: Joint Accounts and Step Up Basis

      Post by bsteiner » Mon Dec 02, 2019 5:27 pm

      Norton750 wrote:
      Mon Dec 02, 2019 4:13 pm
      ... You cannot put a Transfer on Death (TOD) on a joint account at Vanguard (apparently because of Pennsylvania state law - who knew?). But when the first joint owner dies, at that point the surviving owner may want to specify a TOD beneficiary so that the money will not be subject to probate upon their death.
      Or the surviving joint owner might not want to do that, so the assets can pass to the beneficiaries in trust rather than outright, to keep their inheritances out of their estates for estate tax purposes, and to protect their inheritances against their creditors and spouses, and Medicaid.

      Alan S.
      Posts: 8686
      Joined: Mon May 16, 2011 6:07 pm
      Location: Prescott, AZ

      Re: Joint Accounts and Step Up Basis

      Post by Alan S. » Mon Dec 02, 2019 11:19 pm

      Norton750 wrote:
      Mon Dec 02, 2019 4:13 pm

      And for anyone who has read this far into this arcane topic:
      If you have any involvement with settling affairs after the death of a joint owner of a Vanguard account, remember that when the second joint owner dies, the account may become part of that second owner's estate and be subject to probate. You cannot put a Transfer on Death (TOD) on a joint account at Vanguard (apparently because of Pennsylvania state law - who knew?). But when the first joint owner dies, at that point the surviving owner may want to specify a TOD beneficiary so that the money will not be subject to probate upon their death.
      Can anyone explain why Vanguard (licensed nationwide) must subject the residents of states other than PA to PA TOD statutes simply because Vanguard is headquartered in PA?

      I know from several posts here that this is costing VG business.

      On a similar note, I am glad that Schwab will eventually move their HQ from CA to Texas since there is conceivably an IRA creditor protection issue with CA based firms due to the state's limitations on IRA creditor protection. I think this exposure is remote, but I prefer to eliminate the possibility altogether. For the record, I have never heard of IRA creditor protection compromised due to the custodian's HQ location.

      User avatar
      RickBoglehead
      Posts: 4883
      Joined: Wed Feb 14, 2018 9:10 am
      Location: In a house

      Re: Joint Accounts and Step Up Basis

      Post by RickBoglehead » Tue Dec 03, 2019 6:54 am

      Alan S. wrote:
      Mon Dec 02, 2019 11:19 pm

      Can anyone explain why Vanguard (licensed nationwide) must subject the residents of states other than PA to PA TOD statutes simply because Vanguard is headquartered in PA?

      I know from several posts here that this is costing VG business.
      Vanguard can explain it... They have determined they need to do this.

      As to it costing them business, "several posts" is not a quantitative assessment. Given that this is nothing new, and Vanguard's asset base has grown hugely, I would disagree it has any impact worth noting.
      Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

      User avatar
      HueyLD
      Posts: 7217
      Joined: Mon Jan 14, 2008 10:30 am

      Re: Joint Accounts and Step Up Basis

      Post by HueyLD » Tue Dec 03, 2019 6:58 am

      +1 for RickBoglehead’s insightful assessment above.

      Post Reply