Question

Generally, your basis in property you inherited from a decedent is the fair market value at the date of the individual's death. However, you should refer to IRS Publication 551 Basis of Assets for additional information and exceptions.

Accepted Answer

Generally, your basis in property you inherited from a decedent is the fair market value at the date of the individual's death. However, you should refer to IRS Publication 551 Basis of Assets for additional information and exceptions.