For inherited property in Goodyear, basis support starts with a defensible historical value rather than with the later sale price or tax outcome. Regional transportation supports demand, but direct freeway, arterial, airport, or commercial influence should be analyzed at the property level rather than converted into a blanket location adjustment. The appraiser develops the real estate value opinion; the taxpayer and tax professionals determine the applicable basis treatment.
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 Goodyear, the appraisal should consider Estrella only when it changes the subject's competitive position.
For the historical fair market value, regional transportation supports demand, but direct freeway, arterial, airport, or commercial influence should be analyzed at the property level rather than converted into a blanket location adjustment. For stepped-up-basis support, the question is whether the feature affected fair market value on the applicable historical date.
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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