Hi @Nellie4
I'm sorry for the loss of your mother.
The basis of property inherited from a decedent is generally one of the following:
The fair market value on the date of death (this can be referred to as Step Up Basis)
OR
The fair market value on an alternate valuation date.
Here is a link with additional information that will be helpful in determining which one is appropriate for your specific situation.
Sale of Inherited Property/Basis
Best,
Melanie B.
CPA for 21 years
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