To know if capital gains tax applies, how do I get FMV in 2001 on property sold in 2006?

Kristina Brillon
Other/Just Looking
75098

Answers (4)
Best answer: David - Appr…
First to answer: Naima Sumner
David - Apprais...
Agent
Maricopa, AZ
BEST ANSWER

You need to contact an appraiser licensed to do appraisals in the State where the property is located. I would suggest you contact a Certified General Appraiser since what you seem to be needing is two retro appraisals, for two seperate dates, for the Fair Market Value when sold and DOD Value, on the same property for possible estate tax purposes.

It may be possible to find the values you are looking for in the documents associated with the deceased by contacting the executor, or whomever handled the estate at that time. There might have been an appraisal (or some sort of valuation determined) for the DOD value of the property, or for the distribution/disposal value for when the assets were distributed to the heirs. When the property was sold, there might/should have been an appraisal done on the property for the sale/purchase transaction which you might be able to obtain from the seller or buyer or someone directly associated with the transaction, if an appraisal was done.

If an appraisal was done when the property was sold, and you can get a copy of it, I would highly recommend you have it thoroughly reviewed for accuracy. In most areas, the height of the real estate "boom" was in 2006 as was the start of the decline. Many markets were exposed to a variety of fraud acts which included inflated values of real estate, which could be a factor in determining if estate taxes might be due or not, and if there is any due it could be a factor in the amount owed.

Wed Apr 15 2009, 11:09
Nicole Arenas
Agent
Dallas, TX

Kristina,
I would ask a tax advisor or attorney as the county tax appraisal info is public per county, but the info you need is really tax advise. We are licensed to practice real estate, but not real esatate tax advice and not real estate law. Sorry!! :)
Here is an attorney who
could help: http://www.marchandmoraine.com

Wed Apr 15 2009, 08:26
Kristina Brillon
Other/Just Looking
75098

Thank you Naima for your offer to provide this information to me, however, the law states it must be an appraisal/FMV at time of death when left to heirs and then later when sold to determine if capital gains tax applies.

Wed Apr 15 2009, 07:25
Naima Sumner
Agent
Dallas, TX
FIRST ANSWER

Hello Kristina,
Our MLS system doesn't keep listings that long. May be your CPA can tell you if you can get away with the tax assessed value that year. I can provide that for you.

Naima
214-289-8555
Naima@Sumner-Realty.com

Tue Apr 14 2009, 23:51

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 69
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback