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    hilliar's Avatar
    hilliar Posts: 1, Reputation: 1
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    #1

    Apr 28, 2008, 09:24 AM
    Appraisal as tax basis on inherited property
    My mother passed away on Dec 7. Her house was appraised on January by a state certified appraiser at $135,000. It will sell on April 30 for $90,000. Can beneficiaries take a capital loss of $45000 plus expenses of the sale. More specifically, I guess I should ask if the basis on the house is $135,000?

    JH
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 28, 2008, 09:40 AM
    Yes, the basis of the property you inherit is the fair market value at the date of death or an alternate date used by the personal representative.
    For more information read: Your U.S. Tax Return: Tax on Inheritances
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