What is the basis of property that I inherited?
The basis of property inherited from a decedent is generally one of the following:
- The fair market value (FMV) of the property on the date of the decedent’s death
The FMV of the property on the alternate valuation date if the executor of the estate chooses to use the alternate valuation
All About Randall Brody
Randall is the Founder of Tax Samaritan, a boutique firm specializing in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the other unique tax issues that apply to taxpayers. Here, they help taxpayers save money on their tax returns.