Inheriting Property: Key Steps You Need to Know If you’ve inherited a property, there are important steps to take to ensure you’re managing it wisely. First, consider getting the property appraised to determine its stepped-up value, which reflects its fair market value at the time of inheritance. This is crucial for understanding your tax basis. If you sell the property for more than its fair market value, you may owe capital gains taxes on the profit. Alternatively, if you convert the inherited