Hello and thanks in advance for any help.
My wife inherited a property in 2019 from a deceased relative. She was the executor of the deceased's estate. After the estate and all the issues were settled, the home was appraised and sold. It was appraised approximately 5 months after the date of death. It sold a month after that.
Now when filing taxes, it appears the tax basis is on the amount the home was worth at the time of death. But it wasn't appraised until 5 months after death. So I'm wondering how do I figure out the tax basis amount?
I've read that if sold within 6 months or so, the tax basis can be the sale price, but I'm not sure if that's right. The IRS website is less than clear about these issues, so I was hoping someone could help me out.
Thank you for your time.
