DEAR BOB: In 2005 my mother died. Her will left all her assets to my dad. Their major asset was their home, now worth around $450,000. However, title to the house was held in my dad's name alone. He owned the house before their marriage 47 years ago. I think he paid around $20,000 for it, but he never added mom's name to the title (perhaps it never occurred to either of them to do so). Does my dad get a new stepped-up basis to market value as of the date of my mother's death? – Cynthia H. DEAR CYNTHIA: No. The very logical reason is that your father didn't inherit your late mother's interest in the house because she didn't hold a partial title to it. Therefore, the stepped-up basis rules for inherited property don't apply because nothing was inherited. Purchase Bob Bruss reports onl...
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