... general statements:
1. In order to calculate the cost basis for inherited real estate, you will use either the value of the property on the date of the original owner's death, or a date selected by the executor no later this six months after the death.
2. The basis of an inherited home is generally the Fair Market Value (FMV) of the property at the date of the individual's death. If no appraisal was done at that time, you will need to engage the help of a real estate professional to provide the FMV for you. There is no other way to determine your basis for the property
>>> Given that there may be a variety of documents in place to legally allow the inheritance of real real estate; my question is more related to:
----- are there real estate specialists who provide a legal value assessment for tax purposes; and/or are there other methods or individuals who are also legally qualified.
ALSO that capital gains taxation/estate tax varies by state; but this topic is directed to federal capital gains taxation
Thank you if you are able to provide guidance in this area; either from personal experience or definitive links to information.
NOTE: A go to I use for many items to help with information about whatever, is a YouTube search. I have not yet done this. But, if you have a useful YouTube link, please provide.
Hopefully, this topic area will be of help many others here, too.