Reported about 7 hours ago
When one spouse passes away, the surviving spouse inherits the home with a step-up in basis to its fair market value and may claim a capital gains tax exemption. This means they can exclude up to $250,000 in gains from the property sale, or up to $500,000 if filing jointly, depending on their tax status. It's important for the surviving spouse to understand these tax implications for effective financial planning.
Source: YAHOO