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<p>That is my understanding as well. The only thing I would add is
that for estate tax purposes you can value the estate at either
date of death or six months down the road. So if you're getting
an appraisal it may be better to wait so you can get both
valuations as part of one appraisal/BPO. Waiting doesn't impact
the accuracy of the appraisal--probably helps if anything.<br>
</p>
<p>Not sure whether that election affects the basis to the estate
(or to the heir if transferred to them), but I think it does.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
John L. Scott, Inc.
206 723-2148</pre>
<div class="moz-cite-prefix">On 1/10/2020 10:53 AM, Julie
Martiniello wrote:<br>
</div>
<blockquote type="cite"
cite="mid:CALvnKH-bCmecAvAVMeOgJRWWHCkG71pQQNpgnW7F6AES37H1_w@mail.gmail.com">
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<div dir="ltr">The step up in basis occurs at the death of the
owner automatically, regardless of whether the property is
transferred, sold, or never touched. I require the PR to get an
appraisal or BPO on the property as soon as possible after
death, unless they are listing it for sale right away. This
establishes the date of death value and gives you the market
value (new basis). The accountant will be thankful for the
appraisal when the property is eventually sold. Whether the
property is sold from the estate or from the heir after it is
transferred to him does not affect the basis. At least this is
my understanding and that of my CPA. So in short, I think you
are correct!</div>
<br>
<div class="gmail_quote">
<div dir="ltr" class="gmail_attr">On Fri, Jan 10, 2020 at 10:29
AM Jim Doran <<a href="mailto:jim@doranlegal.com"
target="_blank" moz-do-not-send="true">jim@doranlegal.com</a>>
wrote:<br>
</div>
<blockquote class="gmail_quote" style="margin:0px 0px 0px
0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">
<div dir="ltr"><font size="4">Listees:</font>
<div><font size="4"><br>
</font></div>
<div><font size="4">A typical scenario. Homeowner dies and
has no Will. There is only one heir, so no problem
there. The question is about capital gains. It is
easiest to leave the real property in the estate under
the decedent's name until it sells and then have the
Personal Representative issue a deed to the buyer.
However, the very savvy heir has asked me
this question. Does the stepped-up basis occur if we
hold the property in the estate for sale or do we need
to transfer the property to the heir and then have her
sell it?</font></div>
<div><font size="4"><br>
</font></div>
<div><font size="4">I think the stepped-up basis occurs
either way, but I am not sure. Help.</font></div>
<div><font size="4"><br>
</font></div>
<div><font size="4">Jim Doran</font></div>
<div><font size="4"><br>
</font>
<div>
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<div>James R. Doran<br>
</div>
Attorney at Law<br>
</div>
100 E. Pine Street - Suite 205<br>
</div>
Bellingham, WA 98225<br>
(360)393-9506<br>
</div>
<a href="mailto:jim@doranlegal.com"
target="_blank" moz-do-not-send="true">jim@doranlegal.com</a><br>
</div>
<a href="http://www.doranlegal.com"
target="_blank" moz-do-not-send="true">www.doranlegal.com</a><br>
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