- Jurisdiction
- California
My mom owned a house as trustee with me as secondary trustee. She died in 2/24. THE house is 100% mine now.
1. DO I need to get a Date of Death appraisal? I do not plan to sell, but a local real estate agent who came by to chat, presumably to talk me into selling, said that the DATE of DEATH appraisal should be completed immediately and a tax form with the estimated value of the HOUSE sent to the IRS and CALIFORNIA FTB. I can see the IRS wanting to know, but the FTB shocked me.
2. What is the form #?
3. Do I really send it immediately after completion to the IRS and/or FTB or do I keep it in MY POSSESSION until I sell, if ever?
4. I can see the importance of an appraisal because I will get a stepped up value that is based on the worth of the house at the DATE of my mom's death. I then can sell for the appraised amount + my $250,000 exclusion, as I have lived in the house continuously for 63 years and still live in it, and not owe FED or state capital gains taxes, right?
Thanks.
1. DO I need to get a Date of Death appraisal? I do not plan to sell, but a local real estate agent who came by to chat, presumably to talk me into selling, said that the DATE of DEATH appraisal should be completed immediately and a tax form with the estimated value of the HOUSE sent to the IRS and CALIFORNIA FTB. I can see the IRS wanting to know, but the FTB shocked me.
2. What is the form #?
3. Do I really send it immediately after completion to the IRS and/or FTB or do I keep it in MY POSSESSION until I sell, if ever?
4. I can see the importance of an appraisal because I will get a stepped up value that is based on the worth of the house at the DATE of my mom's death. I then can sell for the appraised amount + my $250,000 exclusion, as I have lived in the house continuously for 63 years and still live in it, and not owe FED or state capital gains taxes, right?
Thanks.