11:29 AM
Real Estate Group |
| Filing For a Step-Up in Basis |
You will have to establish the value of the property at the time you inherited it, but the effort and expense are usually well worthwhile. All property appraisers are able to give you an appraisal of the property at any particular time.
You may even be able to convince a local real estate agent to provide sufficient information to establish a fair market value on the date of death. However, if you have any reason to believe the valuation may be scrutinized, use an appraiser, not a real estate agent.
Once you have your supporting documentation for a date-of-death value, it is a simple matter of having your tax preparer file for the stepup in basis.
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