Inheritance step up?

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If a grandfather passes away and the grandmother now owns the properties, is there a step up to current value for tax purposes? Would it depend if both names were on the title? Or would it not count because it's not technically an inheritance?

Originally posted by @Michael J Scanlon :

If a grandfather passes away and the grandmother now owns the properties, is there a step up to current value for tax purposes? Would it depend if both names were on the title? Or would it not count because it’s not technically an inheritance?

You need to check with your jurisdiction probate and tax department as most areas will handle this issue differently. An estate attorney can also help as well.

Typically done on inherited properties and since she's the next of kin she might benefit from a step up to current valuation. An estate attorney would definitely be useful here.