Dad died in 3/95, Mom in 3/06. Need to do final iRS. How best to determin FMV at time of Dad"s death?
2006-07-07 06:15:26 · 8 answers · asked by David F 1 in Business & Finance ➔ Taxes ➔ United States
Are you talking about a final estate return or persional? Did your Dad leave his part of the house to your Mom? At death the real estate would pass through to the beneficiaries outside the estate (but would be included in a required filing. Was her estate over $2 million dollars? If not you are not required to file and estate return.
The FMV used by the IRS is the value at the date of her death or exactly 6 months later. have it appraised.
2006-07-07 16:58:21 · answer #1 · answered by besttaxexpert 2 · 0⤊ 1⤋
You will have to research house sales in the area at that time and look for houses that are comparable to your Mom's in size, location, condition (if possible) and their selling price. After you find 3 to 5 houses then you will have a ballpark estimate of your Mom's house value. Call reators in the area. They might be able to do this for you for a fee.
2006-07-07 13:23:11 · answer #2 · answered by Signilda 7 · 0⤊ 0⤋
See if they kept records of the annual equalized assessed valuation for real estate tax purposes for that year. If not, the local (e.g., county) Assessor's Office might have that info.
2006-07-07 13:34:29 · answer #3 · answered by Mr. October 4 · 0⤊ 0⤋
check www.zillow.com
Once you get the current value, there is a link to see the price trend over the last 10 years. It might help some. Good luck.
2006-07-07 13:19:14 · answer #4 · answered by U2Fan 3 · 0⤊ 0⤋
get an agent to do comps on the area and go to your local city office for tax info
2006-07-07 13:54:39 · answer #5 · answered by Walther L 2 · 0⤊ 0⤋
Check out zillo.com
Sorry about your folks' death.
2006-07-07 13:18:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Use your county tax appraisal for last year...It is probably in her papers or you can get it from the county on line probably...
2006-07-07 15:56:24 · answer #7 · answered by Paris Hilton 6 · 0⤊ 0⤋
use valuation for tax purposes at that time.
2006-07-07 13:18:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋