The basis of property received as an inheritance is generally equal to the fair market value at the date of death.

Question

Quizplus · Accepted Answer

This is generally true. The basis of inherited property is the fair market value at the date of the decedent's death, or an alternate valuation date if applicable. However, there are some exceptions and special circumstances that may affect the basis of inherited property.

The Basis of Property Received as an Inheritance Is Generally