How do I find the fair market value of the house I inherited on April 16 1989?

Forum|Forum|1 year ago
February 23, 2025
2 replies
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I need it for cost basis of house I sold in 2024

Best answer by NCPERSON1

@suwagner maybe you don't need it? was this a home you lived in 2 of the past 5 years? if you assumed the inherited value was zero, is the profit under $250,000 (single) / $500,000 (joint)?

Bsch4477

Employee

Most accepted by the IRS is an appraisal by a certified real estate appraiser.

NCPERSON1Answer

@suwagner maybe you don't need it? was this a home you lived in 2 of the past 5 years? if you assumed the inherited value was zero, is the profit under $250,000 (single) / $500,000 (joint)?

NCPERSON1

if you lived in the home for more than the last 2 years, and you are married, and the sales price is less than $500,000, then even if the cost basis from 1989 is zero, there is not going to be any tax in any event!

Personally, I wouldn't spend any money on an appraiser and just list some nominal value as the 1989 cost basis - it's not going to matter. Just guess on what you think it was.

@suwagner