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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29654
Experience:  Taxes, Immigration, Labor Relations
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My dad passed away up in ny. Someone told my mom that she needed

Customer Question

My dad passed away up in ny. Someone told my mom that she needed to fill a form out for her property to figure out her stepped up basis. If so where do I get this form and do I have to send it to someone? Is there a time frame to do this? Also where do i go to find out her property valuation and do i need documentation for this?
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

Inherited property has stepped up basis that is generally a fair market value on the day the decedent died.

That basis will be used to calculate capital gain when the property will eventually be sold.

 

The fair market value is the price the property would be sold to an unrelated buyer.

If the property is not sold - you might need appraisal to determine the fair market value.

 

You do not need any special forms and there is no time limitation.

If you will sell the property several years after it was inherited - you may order historical appraisal to determine the basis.

 

Let me know if you need any help.

 

 

Lev and other Tax Specialists are ready to help you
Customer: replied 8 years ago.

Also in my dads will he left everything to my mom. Does she still have to summit the will to the courts? Also when we find out the fair market price of the house do we need documentation?

Customer: replied 8 years ago.

Also in my dads will he left everything to my mom. Does she still have to summit the will to the courts? Also when we find out the fair market price of the house do we need documentation? Is the Ny state cap now 2,000,000 to be exempt on tax

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