Thanks for your reply! I used the CMA I had done and averages from online estimate sites to come up with 400,000 for my step-up basis, and I think that number is solid based on the evidence I have. My sibling and I agreed that they would buy my half of the property for 400,000. Sale didn't finalize until 9 months after day of death. The appraisal of the property my sibling had done for their loan estimated the property value at 820,000. Since their appraisal of fmv came back higher than the price we agreed upon I thought I would just give them a gift of equity.
eta: So my question is, would it be safe to file taxes showing that 9 months after day of death that my sibling bought me out for a similar price to what my step-up basis is, or should I get my own retrospective appraisal so I can give them a gift of equity. The problem is we already agreed upon the price and sale has finalized and I'm trying figure the best and safest way to file.
