The basis of property inherited from a decedent is generally the fair market value (FMV) of the property on the date of the decedent's death. For information on the FMV of inherited property on the date of the decedent’s death, contact the executor of the decedent’s estate. You could also use the property tax assessment for 1989 (which is usually inaccurate) or contact a historical property appraiser.
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