topic How do I find the fair market value of the house I inherited on April 16 1989? in Deductions & credits

How do I find the fair market value of the house I inherited on April 16 1989?

suwagner — Tue, 03 Feb 2026 08:40:23 GMT

I need it for cost basis of house I sold in 2024

Re: How do I find the fair market value of the house I inherited on April 16 1989?

Bsch4477 — Sun, 23 Feb 2025 20:05:47 GMT

Most accepted by the IRS is an appraisal by a certified real estate appraiser.

Re: How do I find the fair market value of the house I inherited on April 16 1989?

NCperson — Sun, 23 Feb 2025 20:22:47 GMT

@suwagner maybe you don't need it? was this a home you lived in 2 of the past 5 years? if you assumed the inherited value was zero, is the profit under $250,000 (single) / $500,000 (joint)?

Re: How do I find the fair market value of the house I inherited on April 16 1989?

NCperson — Thu, 15 May 2025 19:14:34 GMT

if you lived in the home for more than the last 2 years, and you are married, and the sales price is less than $500,000, then even if the cost basis from 1989 is zero, there is not going to be any tax in any event!

Personally, I wouldn't spend any money on an appraiser and just list some nominal value as the 1989 cost basis - it's not going to matter. Just guess on what you think it was.

@suwagner