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How do I determine the cost basis for a rental property I sold this year?
In 2009 I converted my main property into a rental property. I didn't get an appraisal at the time to determine the cost basis. Instead I looked on Zillow and looked at similar homes that were for sale or had been sold and determined a value from that. My question is there a way to get a better justification for the cost basis such as a retroactive appraisal. I sold the home in 2015 so I couldn't give an appraiser access to the home. Is there a chance that the cost basis can be adjusted if I have justification that the fair market value when it was converted is different that the value I used? Just want to make sure I'm not paying more or less than I should in taxes.
Any recommendations on my situation are appreciated.
Any recommendations on my situation are appreciated.
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‎June 5, 2019
10:24 PM