Steve and Jane had been married for eight years. Six years ago, they bought their first home for $500,000. They have one son named Joe. Last year, Steve passed away. His will left everything to his son. The value of the home at Steves death was $800,000. Assume Steve owns the property as Fee simple, he purchased the home with his separate funds for $500,000. Will leaves all to son. What will be Joes basis in the property? Steve and Jane had been married for eight years. Six years ago, they bought their first home for $500,000. They have one son named Joe. Last year, Steve passed away. His will left everything to his son. The value of the home at Steves death was $800,000. Assume Steve owns the property as Fee simple, he purchased the home with his separate funds for $500,000. Will leaves all to son. What will be Joes basis in the property? $0 $250,000 $500,000 $800,000