IRS & Date of Death

If you are reading this, more than likely your CPA or lawyer has asked you to obtain a “date of death” appraisal. A date of death appraisal establishes value as of a past date (date the owner died).   This value is used in order step up the tax basis for the property. A valuation for a date in the past can be established using data from the past. Data is widely available for up to 15 years prior to today's date.  Date of death appraisals are generally completed within a year of the owner passing. Check with your CPA to see if an IRS/Date of death appraisal may be necessary.