Yes, you can use the appraisal that was done for the sale in January. The time period from April to January is less than a year and the value should not have changed much. You could also use the sale price of the house as the FMV, since that is the FMV.
Other items can be added to the (FMV) cost basis such as any necessary expenses to get the house ready for sale and some of the selling expenses.
Generally, these expenses from the settlement statement can be deducted as selling expenses to add to the cost basis:
- Appraisal fees.
- Inspections.
- Loan origination fees.
- Title fees.
- Transfer fees.
- Mortgage interest.
- Mortgage points.
- Real estate property taxes.
We are sorry for the loss of your father.
@SassyMac78
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