Pre-1977 Property

There are rich planning opportunities available for individuals who have held property jointly between spouses since prior to 1977. Generally, only one-half of the jointly owned property will receive a step-up in cost basis. Providing all qualifications have been met, it is possible to receive a full step-up in cost basis upon the death of the first spouse to die. The tax savings upon sale of the property can be significant if a full stepup in cost basis is achieved.