Bay Area Date of Death Appraiser › San Jose Date of Death Appraisal › Stepped-Up Basis Appraisal
A stepped-up basis appraisal develops fair market value of inherited residential real estate as of the applicable Date of Death. The appraisal provides historical valuation documentation that can be retained with estate and tax records when the value of inherited property is needed for basis purposes.
The relevant question is what the real estate was worth on the applicable historical date, not what it is worth today. If the property market changed after the death, a current estimate cannot simply be substituted for the historical fair market value.
A supported appraisal provides more than a number. The report identifies the effective date and documents comparable sales, market conditions, property characteristics, adjustments, analysis, and reconciliation supporting the historical value conclusion.
The appraisal should use information relevant to the market that existed as of the Date of Death. This may include historical comparable sales, listings, market trends, property records, and other evidence needed to reconstruct how buyers would have viewed the property at that time.
An inherited property may be remodeled, repaired, neglected, or otherwise changed after the owner dies. When those changes occurred after the effective date, the appraisal should distinguish the current condition from the condition relevant to the historical valuation.
San Jose's residential market is highly segmented by neighborhood, property type, school influence, hillside or view characteristics, attached-housing project, lot utility, age, condition, and external influences. A citywide median does not establish the historical value of a specific inherited property; the appraisal should identify the market segment in which the property actually competed.
Heirs commonly retain the appraisal with estate records so the historical value and supporting analysis are available later. CPAs and attorneys can then review the appraisal as part of their own tax, legal, or estate-administration work.
For probate, estate settlement, trust administration, IRS reporting, and stepped-up basis purposes in this area, see the main San Jose date of death appraisal page or the broader James Valdez appraisal service areas.
Stepped-Up Basis Appraisal and retrospective appraisals for probate, estate settlement, trusts, stepped-up basis, and IRS reporting.