I inherited a house 8 years ago from my father when he passed away but a FMV appraisal wasn't done at the time and I didn't know I needed one (amid all the chaos). I just sold it at the end of 2020 (it was a second home and left vacant but maintained) and have been trying to educate myself on doing taxes about capital gains.
When I called the IRS, the woman said using the Appraised Total Value from my property tax office was sufficient (there's 1 posted the year before he bought it and 1 posting the year after he died) but doing more research I found out that's not the case and I need the FMV instead.
Would the realtor who helped me sell the house be able to help me? She works for the same office that my father used when he bought it. I left this too late and won't have time to try and get a "retro-appraisal" that I saw mentioned on these boards a couple of times.
ATV 2011 = $66, 800
Father bought it in 2012 for $64, 700 outright (no mortgage) and died in 2013
ATV 2014 = $62, 300
I sold it in 2020 for 75K with my net being just a bit over $67K.
Other than maintaining it, no improvements were made since I inherited.
Other than asking my realtor if she could help, I'm at a loss as to how to know my house basis.
I also read somewhere that since I since I file single and my income is below $40K that I'd only have to pay capital gains on the sale but NOT federal income taxes? Or did I misread? This whole process has been information overload and I don't want to mess anything up. I've never done this before.
I know I'll need TurboTax Premier but haven't purchased yet as still trying to learn. Thanks!
EDIT = forgot to ask if I'll need to attach anything to my tax return besides TurboTax filling out all the forms/schedules for me? I did get a 1099-S for the house sale but I have no scanner and would need to use my public library or are photos via cell phone allowed?
