Fair Market Value of a Property

[Jonathan1]

I understand that I have to identify the Fair Market Value of a property, an apartment,  I inherited when my Mom passed.  The property will soon be sold. 

The real estate agent provided me with a listing of recently sold apartments and their associated sale prices   So, I have a listing of five other apartments in the senior community that my lived and which were sold.  These apartments have the  same square footage as my Mom's apartment.  Yes, I do understand it is quite possible some of these apartments might have had some renovations.

The other five apartments were all recently sold with a variance of plus or minus $6,000.    That is, from $94000 to $106,000.   Average price was $100,000. 

I'm wishing to know if this might be acceptable to use as the FMV for the property I am selling.  

Thank you.   And for those the celebrate the holiday - happy holidays to you. 

[Anonymous_ · Accepted solution]

I am sorry for your loss. 

Although the chance of having the FMV you plan to use being challenged is extremely slim, the IRS does not have to accept anything less than an appraisal by a certified real estate appraiser. Again, the valuation will most likely never be contested.

Happy Holidays to you as well.

[Jonathan1]

Thank you.  I appreciate your input and your response.