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?

21stennis48 · ‎June 3, 2019

AlanT · ‎June 3, 2019

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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Leonard · ‎June 3, 2019

Who inherited the property in 2006

AlanT · ‎June 3, 2019

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?