FMV, Identification of

[Jonathan1]

Mom passed in 2021. In 2022, I received proceeds from the sale of my Mom’s property. Mom lived in one of those “senior” housing communities in southeast Florida. Sale proceeds were distributed, equally, to her four children. I live in New York State.

Mom had made no capital improvements to the property since her occupancy in 1998.

At time of closing, I asked our sales agent for the sales price of “recently sold” similar sized properties – same number of bedrooms, same square footage - in my Mom’s housing community. I received a listing for ten properties. Interestingly, sales price for all the other recently sold apartments are within a $12,000 range of one another.

In your judgment, might that represent an acceptable source for me to use to derive FMV for my Mom’s apartment?

[tagteam · Accepted solution]

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@Jonathan1 wrote:

In your judgment, might that represent an acceptable source for me to use to derive FMV for my Mom’s apartment?

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The judgment of anyone on this board is completely irrelevant with respect to your question. The judgment of the IRS is all that matters and the IRS is not required to accept anything less than an appraisal from a certified real estate appraiser (although they do have the discretion to accept something less than that).

You can certainly use what you already have but just be advised of the aforementioned.

[Jonathan1]

Many thanks for your reply and clarification.