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    paloma354's Avatar
    paloma354 Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Jul 12, 2009, 02:37 PM
    Need Fair Market Value from 2007
    My mother gave me a quit deed to her house (which is on my land with my own house) in October 2007. Now I'm trying to sell my entire property and found out that the IRS will want the Fair Market Value from that date on my mom's house whenever I sell and file taxes.

    My realtor has told me that's too long ago for him to get the Fair Market Value. Does anyone know how else I could determine the FMV on the house from nearly 2 years ago?

    Any suggestions would be greatly appreciated.
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Jul 12, 2009, 06:59 PM

    1) Obtain Today's Market Value from a reputable valuer.
    2) From the Official Statistics Handbook
    obtain the Housing Valuation Index preferably
    a momthly Index.
    3) Use these facts to Calculate the Value.
    It is a very simple procedure.
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