Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 8, 2022 2:41:39 PM

Basis of Property (house) received

Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?

0 1 365
1 Best answer
Level 15
Jun 8, 2022 2:44:05 PM


@bc-23 wrote:

Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?


Yes, you can but the IRS can properly refuse to accept that valuation (and rightfully so).

 

An appraisal from a licensed real estate appraiser is typically what the IRS will accept in almost all instances.

1 Replies
Level 15
Jun 8, 2022 2:44:05 PM


@bc-23 wrote:

Can we use the property tax assessor's value at the time of the gift as the Fair Market Value for a home that was gifted to my husband from his mom?


Yes, you can but the IRS can properly refuse to accept that valuation (and rightfully so).

 

An appraisal from a licensed real estate appraiser is typically what the IRS will accept in almost all instances.