How do we determine the fair market value of house gifted by my parents in 2008? The house is in Nevada. It was not lived in or rented from 2008.

Asked by Confusedseller, 77414 Wed Jan 5, 2011

We have recently sold the house and now we have to file capital gains taxes from the sale. Now we need to know the fair market value of the house at the time of the gift--November 2008. Thanks.

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12
James Gordon…, Agent, Hamilton, OH
Wed Jan 5, 2011
Confused this is the time to contact an accountant with your parents. The price that is established is also going to be the price that they needed to report for gift tax. When you file for capital gains on the property it may trigger a chain of events that brings an audit of your parents return. Everyone needs to be on the same page on this one.
Not legal advice just cautious.
1 vote
Arina Hanciu…, Agent, Las Vegas, NV
Wed Jan 5, 2011
MY WEBSITE HAS MY CONTACT INFO
0 votes
Arina Hanciu…, Agent, Las Vegas, NV
Wed Jan 5, 2011
I have an great appraiser, call me
0 votes
Arina Hanciu…, Agent, Las Vegas, NV
Wed Jan 5, 2011
I would look on MLS for comps and see what properties have sold for in the past 6 months is that same subdivision. Current market value.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Wed Jan 5, 2011
an appraiser can do a certified appraisal as of Nov. 2008. this should be acceptable to the IRS for establishing capital gains or loss.
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Jan 5, 2011
Check with your CPA. Yo will want to follow their advice.
My thought is that you would want to hire an appraisal to give you an appraisal.
You might also ask the executor of the will for one as well.
They may have needed one to establish the value of the estate.
Web Reference:  http://www.teamlynn.com
0 votes
Clark Riel, Agent, Reno, NV
Wed Jan 5, 2011
Has the IRS given you any direction on what kind of information they will accept. The county assessor may be able to give you information dating back to 2008.
0 votes
Fred Glick, Agent, Mountain View, CA
Wed Jan 5, 2011
Contact an appraiser, not a real estate agent.

They can do an appraisal of a property based on any date in time.

It might cost a bit more, but the IRS and a court will be impressed with a real forensic, dated appraisal.

Good Luck!

Fred
Web Reference:  http://fglick.com
0 votes
Don Groff, Agent, Austin, TX
Wed Jan 5, 2011
You can contact a local Realtor in the area or it may be a better idea to contact a local appraisal company and have a full appraisal completed.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
512.669.5599
listings@dongroff.com
0 votes
Jackie Rankin, Agent, Fort Worth, TX
Wed Jan 5, 2011
You can check with a Realtor to see if they could provide you with the retroactive information. If that doesn't work, you will need to contact an appraiser in that area and ask them for a retroactive appraisal effective the date of the gift. Hope that helps!

Jackie Rankin
Tru Value Realty
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Jan 5, 2011
Contact a local Realtor or confer to county tax records.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jan 5, 2011
You can contact any local agent(s), they can provide you with the information needed.
0 votes
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