Solved: Should I use for the cost basis of property;date my father purchased it 50 years ago; date he died 2006 or date it was quick claimed deed to all siblings 2016?
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Should I use for the cost basis of property;date my father purchased it 50 years ago; date he died 2006 or date it was quick claimed deed to all siblings 2016?

 
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Should I use for the cost basis of property;date my father purchased it 50 years ago; date he died 2006 or date it was quick claimed deed to all siblings 2016?

The basis of inherited property is the fair market value (FMV) of the property on the date of the decedent's death.  So you would use the fair market value the day he passed in 2006.  

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Should I use for the cost basis of property;date my father purchased it 50 years ago; date he died 2006 or date it was quick claimed deed to all siblings 2016?

Who inherited the property in 2006
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Level 10

Should I use for the cost basis of property;date my father purchased it 50 years ago; date he died 2006 or date it was quick claimed deed to all siblings 2016?

The basis of inherited property is the fair market value (FMV) of the property on the date of the decedent's death.  So you would use the fair market value the day he passed in 2006.  

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

View solution in original post

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