What is acceptable proof for determining the FMV of inherited property? no trust, the home was transferred to me, the child, from my pops via a Transfer on Death statement so property was left to me upon his death which was 6/10/23. I am selling the home and I read that the IRS will consider the sale price/purchase price as the FMV if sold within 6 months to a year. I also got a comparative market analysis done as well just to be sure, but I just want to be sure the purchase price can be used to determine the FMV and prove there is no capital gain.
