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by G. Scott Haislet, CPA, Esq.
I live in California, a community property state. I have a brokerage account that holds various securities that were acquired during the years of our marriage, but my wife was never listed on the accounts. She died recently, so do I still get a step-up on the basis of the accounts?
The answer to your question is likely yes, you will get a 100 percent step up in basis, as your facts indicate that the securities are community property. The general rule is that property acquired during marriage that is not inheritance or gift is considered community property. Assuming you did not inherit the securities or receive them as a gift, they are community property.