TIP for Selling an Estate
RM Home Specialists • June 7, 2024

Don’t Miss This Important Step at A Time of Grief

Madison and I learned about this important step when we helped my Mother-in-law sell her family home. She was faced with a huge tax bill, until we did the research!

 

Losing a loved one is an emotionally challenging experience, and amidst the grief, handling the subsequent financial and legal responsibilities can be overwhelming. One crucial step is determining the value of any property they owned at the time of their death. This is not just a bureaucratic detail—it has significant tax implications that can affect your financial future.

 

Understanding the "Step-Up in Basis"

 

When a loved one passes away, their property typically receives a "step-up in basis" for tax purposes. The basis of a property is its original purchase price, adjusted for improvements and depreciation. The step-up in basis recalculates the property’s value to its fair market value at the date of the owner's death. This adjustment can significantly reduce capital gains taxes if you decide to sell the property in the future. 

 

For instance, if your parent bought a home for $90,000, and it's worth $500,000 at one spouses passing, the property’s basis steps up to $500,000. Selling it for $550,000 within a year would mean you owe capital gains tax on the $50,000 profit, not the $460,000 gain from the original purchase price.

 

The Role of RM Home Specialists

 

To ensure an accurate step-up in basis, obtaining a comprehensive report of value on the property is crucial. We provide a detailed report of the property’s fair market value for our clients at the time of your loved one’s death. This documentation is essential for:

 

  1. Tax Reporting and Compliance: Accurate property valuation is necessary when filing the estate’s tax return to report the fair market value and avoid penalties and interest.

  2. Minimizing Capital Gains Tax: A professional appraisal ensures the new basis is precise, reducing potential capital gains taxes when you sell the property.

  3. Equitable Distribution Among Heirs: A fair valuation helps ensure an equitable distribution among multiple heirs, preventing legal disputes.

 

We are here for you!

 

At RM Home Specialists, we understand the complexities of managing an estate during a difficult time. We provide comprehensive support and information to help you navigate these challenges. Our team of experts is here to assist with property appraisals, helping prepare a home for a sale, and maximize your family assets. Whether the monies are for care of a family member or part of an estate, we’ve got you.

 

Here are some estates where we’ve worked with the families in preparing the home and determining a tax bases at the time of a spouses passing. Contact us today for the support and information you need during this challenging time.


Tacoma Estate


Lakewood Estate


For more information, check out this blog from 2021, where we helped a family prepare their estate in beautiful Point Fosdick, Gig Harbor. We go into more detail about how we help our clients prepare for market.




Regina and Madison
RM Home Specialists
Licensed Managing Brokers | Realtors® 
Windermere North Narrows



Tacoma Real Estate | Building Wealth | Luxury Homes | How to Sell a House | How to Buy a House | Windermere | Regina and Madison | Pierce Country Real Estate | Estate Sale | Preparing an Estate | How to Sell an Estate


By RM Home Specialists April 18, 2025
As a local real estate agent—and now a new parent—I recently made a big move myself, trading in our University Place home for a quieter, more spacious lifestyle in Lakewood. If you’re curious about what life in Lakewood is really like, here’s a behind-the-scenes look at why we made the move and how it’s going. When we found out we were expecting our son, we realized our 2-bedroom home in University Place wasn’t going to cut it—especially with one bedroom downstairs. We needed more space for our growing family. We ended up selling that home, buying a larger property in Lakewood, keeping our mortgage the same and having money left over for renovations. A total win. One of the things we love most about our Lakewood home is the privacy. We’re tucked away on a quiet cul-de-sac with very little traffic, and homes in the area typically sit on larger lots with more greenery. It gives the neighborhood a peaceful, tucked-away feel that’s been great for family life. Proximity to grandparents was also a major factor. With our family living in Steilacoom and Lakewood, we wanted to be within a 10–15 minute drive. Lakewood was the perfect location to make things easier for all.  That said, there’s always a trade-off. In University Place, we were spoiled with quick freeway access. Now, when we’re heading north or south for work, our commute can be about 10 minutes longer. It’s manageable, but something to be aware of. Grocery stores are another area where UP has the edge. We used to live minutes from Trader Joe’s, Harbor Greens, and Whole Foods. Even now, we still make most of our grocery runs back in University Place. In Lakewood, the main options are Safeway and Albertsons, which can be a bit pricier. And what about restaurants? We haven’t been blown away by the eat-in options here—Lakewood doesn’t have a big restaurant scene. But we did find a local gem: Bloom Thai Cuisine . It’s a cult favorite and has become a staple for us. That said, I genuinely enjoy cooking, especially now that Steven remodeled our kitchen, so the limited dining options don’t bother me too much. Thinking About Making a Move? Lakewood has really worked for our family—and we’ve recently helped other clients make the move here, too. Just last month, we helped a wonderful couple find their dream home in Lakewood, and they’re loving it. If you're curious what a move might look like for you, let’s talk! Whether you’re upsizing, downsizing, or looking for something new, we can help you map out the possibilities. ✨ We’re also currently listing a beautifully upgraded Lakewood townhome , 8648 Onyx Dr SW unit B. This is a great opportunity for anyone looking for low-maintenance living in a vibrant, amenity-rich community. This move-in ready townhouse is tucked within a beautifully landscaped 15-acre neighborhood, complete with a community pool and clubhouse —perfect for sunny summer days and neighborhood get-togethers. Inside, you’ll find upgraded flooring, a stylishly remodeled kitchen with newer appliances , a cozy dining area, and a spacious living room centered around a warm fireplace. A charming private courtyard connects to an oversized 2-car garage with built-in shelving for extra storage. Upstairs, the generous primary suite features a private full bath with updated counters, extended vanity, and a walk-in closet . Two additional bedrooms and a second full bath offer space for guests or a home office. With A/C and a heat pump for year-round comfort, and just minutes from restaurants, golf, shopping, JBLM, and seasonal events at Fort Steilacoom Park, this one is a gem. -Madison Bingham RM Home Specialists Licensed Managing Broker | Realtor® Windermere West Campus Tacoma Real Estate | Building Wealth | Luxury Homes | How to Sell a House | How to Buy a House | Windermere | Regina and Madison | Pierce Country Real Estate
By RM Home Specialists March 31, 2025
Embracing the Next Chapter: Finding Joy in a Quieter Home For 19 years, our home was filled with the joyful chaos of raising twin daughters. From school activities to teenage drama, from meals squeezed in between their packed schedules to late-night chats, our lives revolved around them. And now? The house is quieter. Our daughters are off at Oregon State University, starting their next chapter, and my husband Mike and I find ourselves in a phase of life that feels both unfamiliar and exciting. I know many people call this "empty nesting," but that phrase has never quite resonated with me. It makes it sound like something is missing when in reality, this is an opportunity to rediscover ourselves and each other. Reconnecting and Rediscovering With fewer schedules to juggle and less noise in the house, Mike and I have found more time to focus on things we enjoy—together. We've started taking dance lessons , learning salsa, and swing, and stepping (sometimes literally) outside our comfort zones. We joined HOTWORX gym, prioritizing our health in ways we never quite had time for before. And, perhaps best of all, we've been going out to dinner more, savoring uninterrupted conversations and rediscovering the ease of just enjoying each other's company. It feels like we’re dating again, but we have 24 years (almost 25!) of shared experiences behind us. There’s something special about laughing over dinner, challenging each other in a workout, or stumbling through a new dance move together. It’s a reminder that this next phase isn’t about loss—it’s about growth. Breathing Easier Of course, we still miss our girls, and there were emotional moments when we first dropped them off at college. But seeing them adjust, make friends, and embrace their new independence has given us peace of mind. When they’re thriving, it makes it easier for us to embrace this new season in our lives. So, instead of calling this "empty nesting," I see it as an opportunity—a time to reflect, recharge, and rekindle. Life isn't slowing down; it’s just shifting, and we’re learning to dance right along with it. -Kressent Kressent Marston RM Home Specialists | Realtor® Windermere West Campus
By RM Home Specialists March 5, 2025
One of the things I love most about Tacoma is how it’s constantly evolving—new businesses, fresh ideas, and more amazing spots to explore. Watching this city grow is so exciting!
Show More