The basis of inherited property to the beneficiary is the FMV at the date of death or alternate valuation date.

Question

Quizplus · Accepted Answer

The Fair Market Value (FMV) of the inherited property at the date of death or alternate valuation date is used as the basis for the beneficiary. This means that the beneficiary can sell the property for the FMV at the time of the owner's death, rather than the original purchase price. This is known as a "step-up" in basis for inherited property.

The Basis of Inherited Property to the Beneficiary Is the FMV