Yes. Under IRC §1014, inherited property receives a basis equal to fair market value at the date of death. If the decedent purchased a property for $200,000 and it is worth $1.5M at death, your basis as the heir is $1.5M - not $200,000. If you sell shortly after inheriting at or near the appraised value, your capital gains tax liability is minimal or zero. This makes timing the sale after inheritance a critical tax planning decision.
From the seller playbook: Estate Sale and Probate Mechanics in New York
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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