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Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it's worth. Specifically, you'll need to know the property's fair market value (FMV ...
Instead of using the initial purchase price of the property (plus capital improvements) to determine capital gains taxes, most inherited property uses the market value at the time of the owner’s ...
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
At the moment you inherit, the IRS will consider the house’s original cost basis stepped up to current market value. This means that if you sell it immediately, you will pay no capital gains taxes:
Though, there is no uniform tax base that applies to all places. In some countries, property taxes are based on the value of the property depending on market value, site value, rental value. In different countries, taxes are calculated on building area and property area - called unit value. These methods can also be used in combination. [6]
This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5]