When ordering an estate appraisal, one of the most important decisions you’ll need to make is the effective date of value — that is, the specific day the appraiser is estimating the property’s market value. This can be a bit confusing, especially if multiple family members, tax professionals, or attorneys are involved.

We’re here to help simplify it. Below, we’ve broken it down by situation, so you can easily figure out which date(s) you may need — and why.

💼 You’re Filing with the IRS for Estate or Inheritance Tax

Use this date:
🗓 Date of Death (Retrospective Appraisal)
or
🗓 6 Months After Death (Alternate Valuation Date – if elected)

Why:
The IRS requires the estate to report the Fair Market Value of the property as of the decedent’s date of death (or 6 months later, if that results in a lower overall estate value). This is typically used for:

• IRS Form 706 (Estate Tax Return)

• Filing for a stepped-up basis in capital gains

• Supporting estate settlement values for tax purposes

  
  

🔍 What to tell your appraiser:
“This is for IRS filing. We need the value as of the date of death.”
🧾 Optional: Include a copy of the death certificate for accuracy.

🤝 You’re Dividing the Property Among Heirs or Beneficiaries

Use this date:
🗓 Date of Death
or
🗓 Current Date (depends on the family’s plans)

Why:
If the estate is being divided equally or used as credit against other assets, the value used needs to reflect the decedent’s interest at time of death — unless the heirs plan to sell it and want to divide based on today’s value.

📌 Important: If the home’s value has changed significantly since the date of death, some families request both values to help make informed and fair decisions.

🏠 You’re Planning to Sell the Property Soon

Use this date:
🗓 Current Date

Why:
If the heirs plan to sell the home, a current market value is most useful. This helps you:

• Price the property accurately for listing

• Understand what buyers will pay in today’s market

• Make decisions about possible repairs or improvements

  
  

📈 Bonus Tip: If you’re also reporting to the IRS, you may still need a Date of Death value — ask your attorney or CPA.

🔄 You’re Considering Repairs or Improvements First

Use this date:
🗓 As-Is and As-Repaired Values (Same Effective Date)

Why:
If you’re weighing whether to invest in updates before selling, you might want to see:

• What the property is worth today as-is

• What it could be worth after making upgrades

  
  

This “dual-scenario” appraisal helps guide smart renovation decisions and sets realistic expectations with family members.

⚖️ There’s a Dispute or Legal Action Involved

Use this date:
🗓 Date tied to legal proceedings or dispute period

Why:
If there’s a disagreement over inheritance, valuation, or title, a specific historical date may be relevant to the court case or mediation. Your attorney may advise what date is required based on the timeline.

🛡 Note: In legal or contested cases, consider requesting a Sworn Declaration and Summary Highlights Page to support court-readiness.

✅ Summary: Which Date Should You Choose?

Your SituationRecommended Date

IRS Filing or Stepped-Up BasisDate of Death (or 6 months later)Dividing Assets Between HeirsDate of Death or CurrentSelling the Property SoonCurrentDebating Repairs vs. Sell As-IsAs-Is + As-Repaired (same date)Legal Dispute or Contested EstateSpecific Historical Date

💬 Still Not Sure?

If you’re unsure which date is right for your situation, just ask!

📅 Book a Free Consultation, and we’ll guide you based on your goals, timeline, and legal needs.