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re: Best Way to Transfer Real Estate to Heirs
Posted on 8/18/23 at 3:04 pm to geauxpurple
Posted on 8/18/23 at 3:04 pm to geauxpurple
Question about a step up in basis - does an appraisal have to get done at the time of her passing / inheritance? Or is the onus on the new owner at some unspecified time in the future to go back and prove what the property was worth when inherited?
2
Posted on 8/21/23 at 10:12 am to 7flat
quote:
Question about a step up in basis - does an appraisal have to get done at the time of her passing / inheritance? Or is the onus on the new owner at some unspecified time in the future to go back and prove what the property was worth when inherited?
When you file the list of assets as part of succession, you will need a FMV at date of death, so might as well get the appraisal done then.
Posted on 8/21/23 at 4:14 pm to 7flat
quote:
Question about a step up in basis - does an appraisal have to get done at the time of her passing / inheritance? Or is the onus on the new owner at some unspecified time in the future to go back and prove what the property was worth when inherited?
There’s an election to move the valuation date to 6 months after death but I think you have to be subject to the estate tax.
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