Ian Bryzek, CPA
What happens to tax basis after a death?
An inherited asset's tax starting point should be documented before a sale, gift, or conversion changes the conversation.
Short answer
Ownership facts and a supported value matter more than a family recollection of the original purchase price.
The phrase “step-up” is familiar, but the useful file begins with what was owned and how it was held.
Ownership facts and a supported value matter more than a family recollection of the original purchase price.
What to gather
- Deed or account statement at death
- Date-of-death value support
- Estate or trust documents
- Prior transfer records
Who usually handles what
- Ian can organize the tax reporting question and the supporting records.
- James Valdez can provide an independent residential fair-market-value appraisal.
A practical next step
Preserve the valuation record before the asset is sold or retitled.
When a property value is part of the picture
When residential real estate needs a supported fair market value as of a relevant date, an independent appraiser may be part of the documentation process. Ian does not determine fair market value.
Related guides
This is general tax information, not tax or legal advice. Outcomes depend on the documents, ownership, timing, and law that apply to the particular facts.