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

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

Irrevocable Trust best time to determine FMV of home

My parents had a revocable Trust which recently became irrevocable on my father's death late last year.  Their previous principal residence was in the Trust, although they haven't lived in it for several years.  It will still be several months before we are ready to sell it.

 

Should we get an appraisal for FMV of the home right away?  Is this required for the Irrevocable Trust tax return?  The county recently updated their assessment of the home's value.  Is this sufficient, or is it better to get our own?  If we don't get an appraisal now, what do we declare for the FMV on the tax return?

 

Thanks for any advice.

Connect with an expert
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

Irrevocable Trust best time to determine FMV of home

It is virtually always the best practice to secure an appraisal from a licensed real estate appraiser.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies