Get your taxes done using TurboTax

Cindy4 · ‎September 27, 2023

According to the IRS the value is established as:

The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return)).
The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return. See the Instructions for Form 706.

If you don't have a form 706, you can get local real estate agents to estimate it, or get an actual appraisal.

Here is a resource from the IRS:

Hope this helps!

Cindy

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