Solved
Inherited property in 2006, property appraised in 2015 for $22,000, sold in 2016 for $17500
So how do I figure fair market value of property at inheritace
If there was no appraisal completed in 2006, determining the inherited basis (fair market value) might be difficult. The only sources for information will be:
- County tax appraisal records for 2006 (This is the only one that can provide you with verifiable documentation).
- Historical market insights of real estate agents or appraisers (call and ask if various professionals about the real estate market at that time.)
- The Census Bureau has historical home value tables as well that might assist in making the estimate
If none of those yield any results, using the market value on the sale of the property would be a conservative position (keeps you from taking a loss).
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