In CA/AZ/TX/NV/WA/WI/ID/LA/NM, BOTH halves of community property get stepped up when first spouse dies.
In common-law states, only the DECEDENT'S half of jointly-owned property steps up at death; survivor's half keeps original basis. In the 9 community property states, both halves of community property receive a full step-up under §1014(b)(6) — even the survivor's half. Non-CP-state residents can achieve this via a Community Property Trust (available in AK, TN, SD, KY, FL). On a $2M house bought for $200K, the double step-up saves the survivor $180K+ in future capital gains vs single step-up.
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Multiply the $10M §1202 exclusion across multiple trusts.
4% corporate tax + 0% capital gains for bona fide residents.
Stack the $500K primary-home exclusion on top of a 1031 deferral.
Convert Traditional to Roth during sabbaticals or business-loss years.
Capitalize property taxes and interest on undeveloped land.
Deduct now, control forever, employ heirs.
Ordinary loss (not capital loss) on failed small biz — up to $100K.
Buy leveraged real estate inside your IRA — tax-deferred or tax-free.