Legal Question in Real Estate Law in New York

Re: How is real estate valued when transferred?

The property Appraised Value (as of or w/in six months of the dod) minus "allowable" deductions.

The Appraised Value, is not necessarily the same as the Tax Assessed Value.

Good luck,

Re: How is real estate valued when transferred?

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The value is as of the date of death, or six months later. Executor's choice.

Form of ownership is not relevant to establish basis.