@cindybarrett334 wrote:
I have been reading that the IRS accepts the selling price as the cost basis if the sale occurred within the the year of the owner's passing.
Whatever you read is not accurate. The IRS is not required to accept anything less than an appraisal from a certified real estate appraiser.
Also, per Section 2032, an alternate valuation date can only be used if that date results in both a reduction in the value of the gross estate and a reduction in the tax liability of the estate (for estate tax).
