@taxesohmy2017 wrote:
We did not sell it any relatives, yes, we lived in when we children but not as grow adults, does that disqualify us for the personal use?
That situation does not disqualify you for personal use. The relevant time period is after the passing of your mother until the date the property is sold to an unrelated third party.
@taxesohmy2017 wrote:
The best thing I was going to do, was look up the home value on the house around the time mom passed and take that value as FMV. Would that be acceptable?
If the IRS ever challenged the fair market value as of the date of death, your figure might not be acceptable. An appraisal by a certified real estate appraiser is the only officially accepted method of valuation. However, the likelihood of a challenge is remote.
