Will the estimate of the property be established the year of death of the current year? 10 Answers as of July 15, 2014

My mother passed in 2011. The property is just going into probate.

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Law Offices of Dianna M. Wilke | Dianna M. Wilke
The value of the property is established in the year of death. There are some circumstances where it would be favorable to use an alternate valuation date for tax purposes, but even that is only 6 months after the date of death, which may fall into the following year.
Answer Applies to: California
Replied: 7/15/2014
Law Offices of George H. Shers | George H. Shers
The fair market value is established as of the date of the death so that sets what your basis is in the property. So if the real property goes up in value and you sell it immediately upon your receiving it, you would have a long term capital gain.
Answer Applies to: California
Replied: 7/15/2014
Law Offices of Frances Headley | Frances Headley
For estate purposes, the property will be valued by the probate referee as of the date of death.
Answer Applies to: California
Replied: 7/15/2014
Law Ofices of Edwin K. Niles | Edwin K. Niles
The appraisal is as of the date of death. That is your starting point for your final account.
Answer Applies to: California
Replied: 7/15/2014
Law Office of Patricia A. Simmons
Law Office of Patricia A. Simmons | Patrica A Simmons
The probate referee will provide a date of death appraisal of the property. In addition, since your mother died over one year ago, the referee will reappraisal the property for any sale.
Answer Applies to: California
Replied: 7/15/2014
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