Date of death appraisal

[Kurt K.]

Hi BPers,

I've inherited some properties this year after my father's passing. I was told that if I sold any of the properties, I would need to have an appraisal which would be calculated based on the day of death before I sell. 

That being said, I have decided to hold these properties for at least 5 years and have not gotten any appraisals and told its not mandatory to get an appraisal until I decide to sell.

And if I do sell them, is it true that I would only have to pay capital gains on the amount that is beyond the appraisal price? 

Any thoughts would be helpful. Thank you.