What was the average price of an older three bedroom ranch house sold in Yorktown, Va. in 2003? Built in 1963 w/improvements. Need fair market price.

Asked by Robin, Lynchburg, VA Tue Mar 8, 2011

My father transferred his house to my sister & me in 2003. We sold it last year. For tax purposes, we need to know what to put down as the fair market value to calculate any capital gains. The tax assessment was far lower
then what we would have sold it for in 2003. The house appraised for $241,000 last year. He built it in 1963 with numerous improvements. We sold it for $215,000 in 2010. Is there any particular website to find sold houses in a particular area, in 2003 and what they sold for?

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Samantha Sed…, , Newport News, VA
Wed Mar 9, 2011
I could look it up on the MLS system, but as Lori already stated, an address will help tremendously. Did you ever live in the house? If so, I'm not an expert on taxes, but I remember when past clients have had questions about capital gains their tax consultants stated that if you have lived in the house 3(?) out of the last 5 years, I do not think you have to pay capital gains on the property.

Please call or e-mail me if you have any questions or need a CMA done on the property for 2003.

Thanks and have a great day!
Samantha Sedlak
Liz Moore & Associates
(757) 810-6153
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Lori Biven, , Newport News, VA
Wed Mar 9, 2011
Without an address, it looks like it was between 139000 and 189000 average for the year 2003 in York County. But if you have a subdivision or an address that would help.
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Lori Biven, , Newport News, VA
Wed Mar 9, 2011
I can find that out for you. However, I am thinking, I am in no way a tax expert, but am thinking that your capital gains is on the sale last year, would be insignificant how much it was worth in 2003, but again, taxes is not my game. What area of York county and I will see what I can find. Email me at loribiven@williamewood.com
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