How can I get the fair market value of 4 years ago?
April 15, 2005
Subject: Additional question to one of your answers
Date: Wed, 30 Mar 2005
In one of your answers, you stated the cost basis for inherited property was based on the fair market value at the time of death. My grandmother passed away four years ago and left me a piece of land that I want to sell. No appraisal was done at that time. How can I get the fair market value at the date of death?
Date: Fri, 01 Apr 2005
A real estate appraiser located close to the property location should be able to give you a report of the fair market value as of the date of death that you can rely on for income tax reporting.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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