Irrevocable Trust best time to determine FMV of home

[frankharry]

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.

[tagteam]

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