Whatever amount you decide on, document how you came up with that value and keep it with your tax records.
The "fair market value" is the amount a willing buyer would pay and a willing seller would accept when neither is compelled to buy or sell, in an "arm's length" transaction.
You can get an idea of the fair market value of your home by using a combination of these options:
- Using the assessed value on your annual property tax bill
- Using the value on your Homeowner's Insurance policy
- Getting an estimate from a realtor for a comparison of condo's that sold in 2017 around the date of your mother's passing.
- Check out Zillow.com, Realtor or any other online sites as a comparison tool with the above options.
Additional information: Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?
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