My sister and I inherited my mom's home in CA. Her estate is lower than the amount required for taxes, but I wanted to check about capital gains tax.
I had an appraisal done a week after she passed 4/25/14. It was $880K. We sold it and it closed on 8/20/14. I heard somewhere that if you sell it within 180 days, you can use the sale price as the FMV. Have you heard anything about that and, if so, do you know where I can find that rule? Thanks!