In this week’s Ask The Hammer, a reader asks the question:

“What happens if you inherit a house from a deceased spouse?”

Jeffrey “The Buckinghammer” Levine of Buckingham Wealth Partners, met with Robert Powell, editor of Retirement Daily, to answer this question.

Jeffrey and Bob discuss a few tax rules that may follow from the sale of a capital asset (such as a home) after inheriting it from a spouse. They address the “step-up in basis” rule and how it varies in states with a separate property rule and those with a community property rule. 

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