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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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merlo,you just answered a question regarding selling my ...

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merlo,you just answered a question regarding selling my half to my sister. This is a vacation home that has never been a permanent residence nor has it ever been rented. How to I find out what the fair market value of the home was in 2003? what exemptions are there for not residing in this home?
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello againCustomer

Since you have never lived in this beach house, it would not qualify as your permanent residence under the definition of the IRS. Therefore there would be no exemptions allowed on any capital gains that you recognize as a result of the sale. Whatever your net gain is on the sale of the home is what you will be liable for on the calculation of long term capital gains tax which is currently capped at 15%.

As far as determining what the property value was in 2003 when you inherited this home, there could be a couple of things you could try. First, if an estate tax return was filed for your father, the value of the home should have been included on the estate return. The second thing you might try is contacting the county assessor's office where the home is located to see if they can tell you what the property valuation was back in 2003. You might also try contacting the insurance agent that carries the property insurance on that home to see if they have records of what the home was insured for back in 2003. If none of those sources are able to help you, then you might try contacting a local real estate agent in that area for assistance. Basically what you need to do to determine the fair market value is to come up with a price that the home could have reasonably been sold for back in 2003, and a real estate agent would probably be able to help you with this if the other records I mentioned are not available.

If this answer was helpful, please press the Accept key. Positive feedback is also appreciated.

Thanks again, and let me know if you have additional questions.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and other Tax Specialists are ready to help you
Customer: replied 6 years ago.
i alreadyaccepted is this doulbe billing?

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Merlo
Merlo
Tax Professional
9783 Satisfied Customers
25+ years tax consulting. Specializing in returns for US citizens living abroad