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by CareyBot

DEAR BOB: I read with great interest your recent item about stepped-up basis on inherited property. My father-in-law recently passed away. My mother-in-law intends to stay in the house, which was built by her father in 1923. Should we at this time get an appraisal to establish her stepped-up basis due to my father-in-law's passing? My mother-in-law's will says when she dies the house will go to her three surviving children. Will there then be another new stepped-up basis? – Paul D. DEAR PAUL: Presuming your late father-in-law and your mother-in-law both held title to the house, she should obtain evidence of the house's current market value, such as an appraisal, to establish her new stepped-up basis. Purchase Bob Bruss reports online. Depending on what state the house is located i...