@ghegewald wrote:
So you are saying FMV is based on his date of death.....So FMV is essentially 2026 for capital gains.
Yes, your basis would be the FMV in 2026 on the date of his passing.
@ghegewald wrote:....if the house is sold quickly withing several months of his passing, would not the sale dictate FMV and as a result there would essentially be zero (0) capital gains taxes?
Yes, a good indication of FMV would be the price an unrelated third-party paid for the property (without undue influence) after exposure to the market. An appraisal by a licensed appraiser is always the best course of action but a quick sale to an unrelated party should be sufficient in almost all cases.
