turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bc-23
New Member

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?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Basis of Property (house) received


@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.

View solution in original post

1 Reply

Basis of Property (house) received


@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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies