Determing basis of inherited property

I understand that the sales amount of inherited property can be used as cost basis of property if it is sold within a period of time of death of owner.

Since getting an appraisal is fairly expensive where I live, I would like to know what the period of time is which the sales price can be used as cost basis.

To clarify, if I inherited property and sold it within a month I understand that whatever it is sold for can be used as basis.

But would same hold true a year later? Or what is the time frame on that? :confused:

Cejarret,

Maybe, maybe not. It would depend on what is happening with the market for that type of property where you you live.

You would best be served by having the apparaisal done for the date of death of the deceased owner. The executor of the estate should tell you the value at that time.
That value was needed to determine if estate taxes needed to be paid.