Will this land appraisal work to show fair market value?

[BitterBuffalo]

My father-in-law owned land that upon his death was divided exactly in half. Before he passed he had deeded half to my brother-in-law and half to us with a right of survivorship. The written appraisal we received near his passing was for the entire lot. Now that we are possibly selling just our half - will the appraisal for the entire lot still work by just dividing the number in half? We believe we can declare a loss on this sale. If not what paperwork will we need to show what our half was valued at when ownership passed to us? Thank you!

[M-MTax]

The appraisal will work but you have a carry over basis if he deeded the land to you before his death. 

[DMarkM1]

Yes, you would divide the fair market value of the entire lot in half.  An appraisal would be a good supporting document.    

[Edited 1/20/2021 5:33pm]