When a property owner in San Marcos passes away, the estate usually needs to know what the home was worth on the exact day of death, not what it would sell for today. I prepare retrospective appraisals that fix value as of that date, giving executors, trustees, and their tax advisors a defensible figure for the stepped-up basis.
Valuation as of the Date of Death
The IRS allows heirs to reset a property's cost basis to its fair market value on the decedent's date of death, which can sharply reduce capital gains tax when the home is later sold. To claim that step-up, you need a written appraisal that reflects market conditions as they actually stood on that day. I research sales that had closed by then and reconstruct the market the owner left behind.
Because the effective date sits in the past, this work is different from a current appraisal. I set aside any renovations, price movement, or neighborhood changes that came after the date of death and rely only on evidence available at that point. The result is a report that an estate attorney or CPA can attach to a return and defend if the valuation is ever questioned.
Local Detail That Moves the Number
San Marcos is not a uniform market, and the date-of-death figure has to account for that. A home backing the water at Lake San Marcos carries a frontage premium that a comparable inland house does not, and a residence in San Elijo Hills sits inside a Community Facilities District whose special tax burden affects what a buyer would have paid. I weigh these factors as of the effective date rather than assuming a single citywide rate.
Working With Executors and Advisors
Most of my date-of-death assignments come from attorneys, trust officers, and family members acting as personal representatives. I understand that these situations often follow a loss and that timelines can be tight, so I keep the process straightforward and the communication clear. Every report meets USPAP, and I am available to explain my reasoning to the tax preparer or the court if the estate requires it.
Request This Appraisal
Published fees start at $299; your exact fee is confirmed before you commit. See the full fee schedule or request a free quote.