Basis of Property (house) received

[bc-23]

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?

[tagteam · Accepted solution]

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@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?

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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.