Date of death appraisals for Central Florida estates.

Why the date of death is the number that matters

When someone inherits a house, their tax basis generally steps up to the fair market value on the date of death under Internal Revenue Code section 1014. That basis is what capital gain is measured from when the heirs eventually sell. A credible, well supported value as of that date protects them later. A guess, or a value as of the wrong date, can cost real money or fall apart if it is ever questioned.

The same report usually serves the personal representative too: for the probate inventory, for dividing property between heirs, or for deciding whether one heir buys out the others.

Retrospective appraisals are normal

It is common for an estate to need a value from months or years back. That is not a problem. The sales that closed around the date of death are still on record, and they show what the market was doing on that day. The report is dated to the effective date you need, and it says so plainly.

If the house has changed since then, through repairs, damage, or furniture moved out, tell me. The appraisal describes the property as it was on the effective date, so what changed and when it changed both matter.

The alternate valuation date

Some estates can elect to value assets six months after death instead, under section 2032. It is only available when it reduces both the gross estate and the estate tax owed, so most estates never use it. Your CPA or estate attorney makes that call. If they do elect it, say so when you order and the report will be dated accordingly.

Common questions