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Reply to "Tax question: determining fair market value for inherited property "
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[quote=Anonymous]If you can help, I would appreciate it. I sold my parents' house in 2013 after their death in October 2009. My taxes call for fair market value of the home, which I understand to mean the value at the time of my inheritance. There is a tax assessment from the county in December of 2009 and a higher value dated January 2010. Does anyone know which of these values I should enter for my taxes? I am unclear about exactly how to determine the value, and wonder if I should use the higher (albeit later) value so as to be closer to the sales price (which was even higher). I don't have a tax guy, so I am trying to navigate this solo for now, but a little confused about what I read online. Thanks for any assistance. [/quote]
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