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


STORIES FROM HOME


"From the moment we began working with Madison and Regina, we knew we were in exceptional hands. Their gracious professionalism, deep knowledge, and genuine warmth shaped every step of our journey.


Although we’ve purchased homes before, their continual updates, thoughtful explanations, and steady, patient support made us feel genuinely cared for.
When we unexpectedly lost a property due to an unethical selling agent, they stood by us with calm, unwavering professionalism.


We wholeheartedly recommend trusting this exceptional team with life’s most important real estate milestones. Their stylish eye, family‑centered spirit, and heartfelt dedication set them apart in every way. When the day comes for a new chapter and the search for our final, forever dream home, we will undoubtedly call on Madison and Regina again." E. SANDSTROM | TACOMA, WA

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By RM Home Specialists • October 2, 2026
There’s something about an established neighborhood that just feels different. Mature trees. Homes that don’t all look cookie-cutter. Yards with room to garden, play and entertain. Streets that curve into quiet cul-de-sacs. That’s part of the appeal of Twin Hills in University Place . Built primarily during the 1980s and early 1990s, Twin Hills offers a wonderful variety of architectural styles and floor plans. You’ll find traditional two-story homes, multi-level designs, Tudor styles and even a geodesic dome house, all with personalities of their own. Compared with many newer developments, Twin Hills homes often enjoy more outdoor space, mature landscaping and established trees that give the neighborhood a sense of privacy and permanence. Those larger lots can mean room for a garden, a great deck or patio, pets, play space—or simply a little more breathing room between you and your neighbors. A Neighborhood That Holds Some Memories for Me Twin Hills is personal for me, too. When Madison was school-aged, we lived just across 67th in Chambers Creek Crossing, which was outside the University Place School District. We would actually walk across the street into Twin Hills so she could access the school bus. Through those school years, we got to know so many wonderful families in the neighborhood. Their homes became the places where kids could play, visit and spend time together—and where, as a parent, you felt good knowing they were surrounded by people you knew and trusted. Those are the things you don’t necessarily see when you look at a real estate listing: the relationships, the familiar faces and the feeling of having safe places for your kids to land. Years later, after helping so many people buy and sell homes throughout Twin Hills, I still think about those days when I drive through the neighborhood. Location, Location… and Lifestyle Twin Hills is tucked into University Place with easy access to many of the things that make this community so desirable.  Nearby Kobayashi Park feels like a little hidden escape, with its wooded setting and access to Leach and Chambers Creek. Just minutes away, Chambers Bay offers miles of trails, spectacular Puget Sound views and its world-renowned golf course. Everyday life is convenient, too. Fred Meyer, shopping, restaurants, services and other University Place amenities are all close by, while Tacoma, Lakewood and major commuter routes are easily accessible. It’s that combination— established neighborhood + larger lots + convenient location —that has kept Twin Hills appealing through changing real estate markets. A Neighborhood We Know Well Over the years, RM Home Specialists has represented numerous buyers and sellers throughout Twin Hills and the surrounding University Place community. We’ve watched these homes evolve, helped owners prepare them for market, and seen what buyers respond to when a Twin Hills home becomes available. Here is a link to our latest Twin Hill showplace . If you’re thinking about buying in Twin Hills, or wondering what your Twin Hills home might be worth in today’s market, we’d love to help. RM Home Specialists brings years of University Place experience, neighborhood knowledge and a proven strategy for preparing, positioning and marketing homes to stand out. Because sometimes the best neighborhood isn’t the newest one. It’s the one that has had time to grow into itself.
By RM Home Specialists • September 14, 2026
Your beautifully curated list of what’s worth eating, seeing + doing around Washington. Jen is one of those people who creates the vibe. She married into a family my husband and I have known for a long time, and over the years I’ve seen just how thoughtful and intentional she is. She lives in the cutest Craftsman in Central Tacoma, hosts the warmest gingerbread competition Christmas party, and her wedding week in the San Juan Islands was one of the most beautiful celebrations. She has an eye for the details that make something feel special. So it makes perfect sense that she’s completely immersed herself in the local scene with @eatinwashington . I love knowing what’s new, fun, and delicious around here. But with two kids, it’s nearly impossible to actually keep up with all of it. Jen does the heavy lifting for us. Through her lens, Eat in Washington has become a beautifully curated highlight reel of Washington’s must-eat, must-see and must-do. The new restaurant worth making a reservation for. The coffee shop you haven’t tried. A special dinner happening for one weekend. A day trip, market or stay that deserves a spot on your list. And because Jen herself is so intentional, her recommendations feel intentional too. She notices more than whether the food is good. It’s the space, service, story, lighting, people, and all the little details that create an experience. We asked Jen to give us the list.
By RM Home Specialists • September 10, 2026
Multigenerational Living Meets a Dream Backyard in Lakewood. There are homes with extra square footage—and then there are homes where that square footage actually gives you options. At 11409 Cloverdale Court SW in Lakewood , more than 4,100 square feet creates the kind of flexibility that is getting harder to find: room to live together without necessarily living on top of each other. And that matters because the way people use their homes is changing.
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