Taxpayer died on January 3rd of 2015. Does surviving wife get stepped up basis on rental properties in 2015 or 2016?

wardmac44 · ‎June 3, 2019

PatriciaV · ‎June 3, 2019

In most cases, the stepped up basis would occur on the date of death.

According to IRS Pub 551 Inherited Property Basis, the basis of an inherited property is the Fair Market Value on the date of death, or on an alternate valuation date if the personal representative chooses.

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PatriciaV · ‎June 3, 2019

In most cases, the stepped up basis would occur on the date of death.

According to IRS Pub 551 Inherited Property Basis, the basis of an inherited property is the Fair Market Value on the date of death, or on an alternate valuation date if the personal representative chooses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Taxpayer died on January 3rd of 2015. Does surviving wife get stepped up basis on rental properties in 2015 or 2016?