A date of death appraisal sets the value of a property as of the day the owner passed away. Executors, trustees and heirs usually need one to settle an estate, and attorneys and CPAs rely on it for the tax work.
Why It Matters
Stepped-Up Tax Basis
When heirs inherit property, its tax basis is generally reset to its market value on the date of death. A well-supported value can save the family real money on capital gains when the property is sold.
Estate Taxes and Dividing Property
Attorneys and CPAs use the appraisal for estate tax returns and to divide property fairly between heirs. In some cases the estate can use an alternate valuation date six months after death, and we can appraise as of that date too.
Trust Administration
Trustees rely on a documented value to manage, distribute or sell trust property, and to show the value was set by an independent professional.
Recent or Past, We Can Help
Recent Date of Death
We inspect the property as it is today and value it as of the date of death.
Past Date of Death
Months or years later? We value the property as of that date using records and sales from that time, even if it has since been sold, remodeled or cleared out.
What the Report Covers
A written appraisal prepared by a Certified General appraiser to USPAP standards and ready for the IRS, your attorney or your CPA. It includes an inspection of the property (or a records-based review if it is no longer accessible), comparable sales from the date of value, the valuation approaches that apply, and a clear final value. MAI-designated reviewers on our team step in on complex assignments.
How It Works
1
Tell Us About the Property
Send the address, the date of death, a contact for access, and your attorney’s or CPA’s contact if you’d like us to work with them.
2
We Inspect and Research
We visit the property and study sales from the date of value. We’ll confirm the fee and timeline before we start.
3
You Get the Report
A written report, ready to hand to your attorney or CPA.
Ready to get started? Tell us about the property.