How do we find fair market value on a home back in 1998?
3 attorney answers
I agreee with Attorney Frederick.
You should see a CPA but from the facts of your question-I do not think you would have
a capital gains tax problem.
One half of the property would have received a step-up in basis in 1998 and your mother would have a an exemption on the sale of homestead.
The public tax records should indicate fair market value in 1998.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
This is essentially a duplicate of your other question. FMV is not important. The cost basis for the property IS. It is not clear what effect the QUIT Claim Deed would have, if any. You should have a CPA review ALL the facts of this situation to tell you where you stand.
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Real estate agents can often run comparable sales or a property history to find what it sold for years ago. The County Assessor may also have the sales record. Good luck.
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