MariaDG1
Employee Tax Expert

Get your taxes done using TurboTax

The value of inherited property is typically the fair market value of the property on the date of the decedent's death.  You can get a property appraiser to assist you with this analysis if it wasn't done at that time. 

 

The exception would be if the executor of the estate elected to use an alternate valuation date, which would have been reported on the estate tax return.