Per IRS Publication 551 (pages 9 and 10), the basis of property inherited from a decedent is generally one of the following.
- The FMV of the property at the date of the individual's death.
- The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation.
- The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes.
- The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement.
Perhaps the estate administrator can give guidance on what date and value was used for estate purposes?
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