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To report the sale transaction and calculate the taxable gain - we need to know two items - selling price AND basis.
Your gain or loss is calculated as (selling price) MINUS (basis)
The basis of inherited property is the fair market value of that property at the time the decedent passed away.
If the decedent passed away in 2006 - we need to determine the fair market value at that time.
That is usually done by historical appraisal.
You may perform appraisal on your own - OR if you have difficulties - you may order any appraisal service.
The appraised value is usually based on comparable sales of similar properties in your area.
Unfortunately - there is no other ways.
It is in your interest to determine the correct basis as that will reduce your taxable gain.
Please let me know if you need any clarification or have additional questions.
What were your expectations?
Try your tax record - that might have a fair market value.
You may contact the county where the property is located.
The county usually perform appraisal to determine the fair market value for property tax purposes.
But anyway - if the property is not sold - the fair market value is determined by performing appraisal.
There is no other ways.
There is one other possible place. In Oklahoma the estate would have needed to complete Schedule A and declare the value of all real estate when the deceased passed. The Form 454 would have had this attached.
You can contact the person that handled the filing for the estate and request a copy of the Schedule A-2 listing the valuation then.
To obtain a release of an estate from the State of Oklahoma it is necessary to complete Form 454. So check with the personal representative or attorney that handled that.
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