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- Re: FMV from a long time ago / Sell of a house
FMV from a long time ago / Sell of a house
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athaureaux6
Level 8
01-14-2022
06:26 PM
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Hi online community, I have a client (single) who sold his main home in December 2021. He inherited the house 25 years ago from his mother. He sold the house for 515000. Because he inherited the house, it is my understanding that he will get a stepped up basis equal to the FMV of the house the day prior to the death of his mother. His mother died 25 years ago. How or where we can find information about the FMV the day prior to his mother death 25 years ago. I asked the client but he can not tell. Thank you. Your thoughts will be appreciated.
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George4Tacks
Level 15
01-14-2022
06:29 PM
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Have them talk with a well established real estate agent in the area and they should be able to pull up information from that time period. They generally will do so as a free service, as they are then more likely to earn a commission from the sale of the home.
Here's wishing you many Happy Returns
