Subject:  Additional question to one of your answers
Date:  Wed, 30 Mar 2005
From:  Chris

In one of your answers, you stated the cost basis for inherited property was based on the fair market value at the time of death. My grandmother passed away four years ago and left me a piece of land that I want to sell. No appraisal was done at that time. How can I get the fair market value at the date of death?

Chris

Answer

Date:  Fri, 01 Apr 2005

Hello Chris,

A real estate appraiser located close to the property location should be able to give you a report of the fair market value as of the date of death that you can rely on for income tax reporting.

Good luck!
Mike Gray

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