Can a wife get a step-up in basis on a mutual fund sale when the husband is deceased(fund was owned together, living in California)?
If so, do you just document the cost-basis research and then use those numbers when filing out tax forms?
Would you take half of the jointly owned fund (the deceased portion) and then step that up to price at the day of death?
Is there something that needs to be done in preparation for funds owned together but that haven't sold yet?
Are U.S. government bonds eligible to be stepped up?
I've searched for this info but I can't find documentation about it. Hoping turboTax will help, but I want to understand it first if possible.
3/25/18: Additionally, the mutual funds and bonds are registered in the name of a trust. Is there a difference if it is a trust or not?
3/28/2018: I am referring to US government savings bonds. Should they be treated like a stock?