Get it Done

Get it Done

The Get it Done is A step-up in basis does not happen automatically, so you have to file the appropriate paperwork with the IRS. As mentioned earlier, if you inherited a property or a portion of a property some time ago, you can still file for the stepped-up basis.

You need to establish the value of the property at the time you inherited it, so the longer you wait, the more difficult it may be to document a favorable valuation.

Remember, as a taxpayer you have the burden of proving the valuation; if you wait so long that no reliable information is available to support your appraisal, the IRS then is able to decide what your stepped-up basis will be. So no matter how long ago you actually received the property, getting an appraisal and filing now is probably to your advantage.