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all right my parents home is worth 1 million dollars in California when they pass what taxes will I pay the possum Haas basis go to the market value after this was written a slightly different if it was kind of like hey my parents are all like I could tell it was from one of the kid all right what happens to the basis of a capital asset when a spouse passes or when somebody passes it steps up in California security primary state so it steps up to pet market value to date the first spouse passes second spouse passes and steps up the remaining portion to the fair market value at the time of death on date of death so what taxes will I hey well you're not gonna have to pay anything on the inheritance you're not gonna have to pay anything on the actual step up and if you sell it you wouldn't pay any tax other than the transfer taxes the cost basis goes to fair market value so it's like a pretty big win when that stuff happens now where it's not such a big win is when so many passes and then

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