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    piupiu's Avatar
    piupiu Posts: 3, Reputation: 1
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    #1

    Feb 23, 2012, 04:13 PM
    Don't have an appraisal of the value of the house when I inherited it, (Taxes?)?
    We sold the house my mom left to my brother and I back in Mexico last November 2011.
    She died in 2005, but we officially became owners in 2007, and we sold it in 2011.

    Now: I'm exempt to pay taxes in Mexico, first, because I lived there and second, because I didn't do any commerce with it.

    My question is: will I be subject to pay taxes over the "supposed gain over the 4 years" here in USA? I don't have a commercial appraisal of the value of the house back in 2007, though. What can I do?

    Thanks for your advise
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #2

    Feb 23, 2012, 09:00 PM
    Did you live in the house for two years in last 5 years?
    piupiu's Avatar
    piupiu Posts: 3, Reputation: 1
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    #3

    Feb 24, 2012, 12:32 AM
    No, In the last 5 years I must have spent a total of 8 to 10 months, not continually, but long periods of taking care of the works and paying all the crews. Why? If I would have I would be exempt?
    Thanks!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #4

    Feb 24, 2012, 12:39 AM
    If you owned the house for two years in last five years and lived in it for two years in last 5 years, you can exclude gain of up to $250,000.
    In your case the cost basis is the fair market value of the house on the date of inheritance, which is the date on which you mom died. You can also deduct selling cost and cost of any improvements made after inheritance.
    piupiu's Avatar
    piupiu Posts: 3, Reputation: 1
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    #5

    Feb 24, 2012, 01:52 AM
    Hence my problem, there I have no official document that certifies the value of the house.

    Q: Temporary residents are subject to the same codes that apply for permanent residents?

    Q: The fair market value of 2005 when she died? Or 2007 when we finally got the house to our names?

    Q: How to determine the fair value of the house back then? (I have an appraisal from 2011 but not from back then)

    Thank you!
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