@syoung123 wrote:
The Zillow info on the property description such as rooms and sq. footage is correct. I'll see if I can find comparable home sales around that time.
Just so you're aware that the IRS is obligated to accept neither. They can argue against any type of valuation other than an appraisal by a licensed real estate appraiser.
Also be advised that more than a 25% basis overstatement can cause an extension of the length of time the IRS has to audit the return by three years.
https://www.americanbar.org/groups/business_law/resources/business-law-today/2017-august/irs-can-aud...
Six Years for Basis Overstatements. The IRS has argued in court that other items on your tax return that have the effect of more than a 25-percent understatement of gross income give it an extra three years.
