turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Drginrc
New Member

How would I establish the "original basis" of the property that was inherited 12 years ago (upon death of a parent) and not rented until 2018?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

How would I establish the "original basis" of the property that was inherited 12 years ago (upon death of a parent) and not rented until 2018?

The cost basis of an inherited property is its fair market value at the time of the decedent's passing.  You might be able to check with the county assessor office to obtain at least a ballpark figure.  Another possibility is to ask a local realty office.  They may have price records on comparable properties that sold 12 years ago.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question