jtax
Level 10

Deductions & credits

Just a small point on the "alternate valuation date" concept. I suggest being a bit careful with the terminology. This is a statutorily defined term of art for US estate taxes. It is not just a date after the date of death. It is exactly six months after the date of death and can only be used if the valuation is less than the date of death value so that excess estate taxes will be paid if the market has moved down in those six months. Estate tax is generally not very relevant (currently) unless there are millions of dollars involved (and the decedent was a US-person or the property US property).

 

For valuation for income-tax purposes, there may well be a different valuation date based on constructive receipt or something else relating to estate administration or probate, but the alternative valuation date has a specific estate-tax meaning.

 

https://www.ellenbecker.com/resource-center/estate/estate-building-block-understanding-the-alternate...

 

https://www.law.cornell.edu/uscode/text/26/2032

 

 

 

 

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