@cnewst09 wrote:
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.......
Provided the property was sold within a reasonable time after the death of the decedent (which appears to be the case), the (stepped up) basis will generally be virtually the same as the sales price.
Regardless, with respect to the appraisal, merely because it was appraised five months after death does not necessarily mean the appraised value was not based on the date of death. Appraisers are generally aware that the property should be appraised as of the date of death in instances such as the one presented here.
