Fair Market Value is what an average buyer would pay for the property on that day.
HOWEVER, unless you are sure, I highly recommend you speak with a real estate attorney. There are different kinds of titles and they are subject to the laws of that state. If you used a "Life Estate Deed" that is usually treated as inherited and valued on the date the parents pass.
(BUT then again, if they paid gift tax, it sounds like it was "gifted" to you at that time)
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