If a spouse inherits multiple properties upon death that were in the deceased name, does that spouse need to get those properties assessed at the time of death so that the properties value can be determined if the spouse decides to sell any property later? How many assessments are needed for each property? Who assesses the properties? Is this how it is done so the spouse doesn't have to pay capital gains from the time the property was bought but from the time it was inherited?

JudyKayTee

I don't know what State you are in but in NYS you have to get date of death values in order to probate the Will and transfer the property because sale can be forced to pay estate taxes as well as the decedent's unpaid debts. Of course, if the property is in joint names it simply passes over to the survivor but it does not sound like this is the case here. You need a licensed/certified appraiser. One appraisal is done for each property as long as that appraisal (and appraiser) are accepted by the Court.

I believe capital gains status begins on the date the property is titled to the survivor, not when the deceased purchased it.

(What does cool: cool: mean?)

ebaines

The executor of the estate is responsible for obtaining property assessments, so that the property has a known fair-market value as of the date of death. That value is used both for valuing the estate (in case any estate taxes are due) and for setting the cost basis for the heirs. I suggest your spouse contact the executor to find out how this is being handled. JKT is correct - the tax basis for inherited property is the fair market value at date of death - not the original cost basis that the deceased had. If/when your spouse sells the property, s/he completes tax forms with the date of acquisition of the property being the date of death of the deceased.