Thank you @pk for clarification, I was concern about calculating the basis and fast changing currency exchange rates. For example if i calculate the basis on the day of death and in late January, there is a 5% difference in property value because of the FX exchange rate change. So for example, if the property is valued in US dollars $100,000 on December 20th (day of death) it will change and it's valued $105,000 on January 20th (date of receiving the gift). This can change more drastically if the property value is much higher that $100,000.
Also, do foreign gifts and inheritances can still qualify for a step-up basis?
Thanks,
