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

[suwagner]

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

[Bsch4477]

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

[NCperson · Accepted solution]

@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)? 

[NCperson · Accepted solution]

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