For inherited property in Co-op Village, basis support starts with a defensible historical value rather than with the later sale price or tax outcome. Water, septic, road access, parcel configuration, detached improvements, and usable land should be verified before comparing lower-density properties. Stepped-up-basis work should keep the appraisal question narrow: establish fair market value on the applicable date and leave tax conclusions to the appropriate advisers.
The appraiser's role is to develop a supported fair market value for the applicable historical date. The taxpayer, CPA, attorney, or other adviser determines how that value is used for basis and tax reporting. For Co-op Village, the appraisal should consider place-name and jurisdiction verification only when it changes the subject's competitive position.
For basis-support valuation, water, septic, road access, parcel configuration, detached improvements, and usable land should be verified before comparing lower-density properties. The appraisal should preserve the local market distinction so the historical fair market value can be followed later.
The appraisal should support the real estate value on the applicable historical date. It does not calculate capital gains, determine the taxpayer's basis election, or replace advice from a CPA or attorney.
Date-of-death information, prior listings, photographs, permits, deeds, and improvement records can help create a durable historical value record. That evidence helps document the real estate value independently of whatever tax treatment is later applied.
A stepped-up-basis appraisal should document the property and market evidence clearly enough that the historical fair market value can be understood later, even if the property is sold or changed afterward.
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