LogFAQs > #972863837

CE_gonna_CE posted...

Ah.. got it. Well I think that is actually decent news. Im a CPA, not a tax lawyer or anything so take this as you will, but go off off Zillow/Redfin/Realtor. Those are true fair market estimates, not the value pulled for tax purposes.

Ultimately, the stepped up basis you have in the property is the market value that the house would go for if it were sold on the day they passed away and you inherited the property. I guarantee thats the 400-440, not the 280.

The same applies to the NG shares. Its just a lot easier to value those since you can pull the exact share price of that on the day of inheritance. Cant do the same for a piece of real estate, but short of getting an appraisal or valuation, Zillow and Redfin estimates are just as good and reliable as anything.

Thanks that's good to know. I'm currently getting ready to go through the probate process, so I'll talk to the probate attorney about all of this. I have the will and deeds/titles for the house/vehicles, just have to go through the process of transferring everything into my name.