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Here is a situation for consideration by tax experts. Come to think of it, some here have probably gone through this type of event.
Husband and Wife own a brokerage account. The account is titled:
HUSBAND dies, and the institution is re-titling the brokerage account in WIFE's name, with her SSN.
What is the tax effect of this re-titling? For example, is there a step-up in basis? Anything else?
Husband and Wife own a brokerage account. The account is titled:
HUSBAND & WIFE - Joint WROS TOD
The 1099 bears HUSBAND & WIFE names, and only HUSBAND SSN.
HUSBAND dies, and the institution is re-titling the brokerage account in WIFE's name, with her SSN.
What is the tax effect of this re-titling? For example, is there a step-up in basis? Anything else?