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    Arkadi's Avatar
    Arkadi Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 20, 2009, 10:56 PM
    'inherited property
    Hi:
    I am selling my real estate in Russia, which I inherited from my father. He passed away in 1985; I came to US in 1992.
    In the Soviet Union there was no real estate market; the local currency (namely, ruble) was not then convertible.
    How can I determine now the initial value of this property for tax purposes?
    Many thanks for your help.
    Arkadi
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 21, 2009, 11:29 AM
    Arkadi:

    Do you have access to comparative sales values (the amount received from sales of similar real estate transcations) for 1985?

    If not, then you need to make a "best guess" as to what the property was worth in 1985.
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