If property is inherited by a taxpayer, To the recipient, the basis for the property is the same as the basis to the decedent. In general, the basis to the recipient is the fair market value at the decedent's date of death. At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss