QUESTION
Will the estimate of the property be established the year of death of the current year?
Asked on Jul 13th, 2014 on Estate Planning - California
More details to this question:
My mother passed in 2011. The property is just going into probate.
6 ANSWERS
The value of the property is established in the year of death. There are some circumstances where it would be favorable to use an alternate valuation date for tax purposes, but even that is only 6 months after the date of death, which may fall into the following year.
Answered on Jul 15th, 2014 at 2:07 PM
The fair market value is established as of the date of the death so that sets what your basis is in the property. So if the real property goes up in value and you sell it immediately upon your receiving it, you would have a long term capital gain.
Answered on Jul 15th, 2014 at 8:20 AM
For estate purposes, the property will be valued by the probate referee as of the date of death.
Answered on Jul 15th, 2014 at 8:19 AM
Edwin K. Niles
The appraisal is as of the date of death. That is your starting point for your final account.
Answered on Jul 15th, 2014 at 8:19 AM
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Date of death. If it is to be sold in probate, another appraisal may be needed for the current value.
Answered on Jul 14th, 2014 at 3:00 PM
2 Awards
Your attorney should be able to answer this question. Values are date of death values so it will be valued as of 2011.
Answered on Jul 14th, 2014 at 2:57 PM