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How would I find out what my co-op apartment would have sold…

Customer Question
Hi, how would I...

Hi, how would I find out what my co-op apartment would have sold for in 1993? I sold it this year (2017) but my accountant needs to know an approximate figure for 1993 because the co-op was owned jointly with my partner who died in 1993.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

New York, New York City to be precise. The co-op was a one-bedroom in Flushing, Queens, NYC.

Lawyer's Assistant: Has any paperwork been filed?

The apartment was sold in September of this year.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No Ok

Submitted: 7 months ago.Category: Legal
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Answered in 1 hour by:
12/17/2017
Lawyer: Barrister, Attorney replied 7 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,543
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If you owned it jointly with partner and they passed in 1993, then you would have inherited their half of the property at fair market value then which would step up your basis and your half would remain at the same basis as when you purchased.

.

So whatever the property was worth in 1993, your "cost basis" would be equal to half that amount plus whatever half of the cost was when you originally purchased.

.

Since there was no sale, your best estimate would be whatever the taxable value of the property was back then unless you wanted to hire an appraiser to basically go back and do a retroactive appraisal.

.

.

thanks

Barrister

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Customer reply replied 7 months ago
I sold the apartment this year. I contacted 8 realtors to find out what the apartment would have sold for in 1993 and NONE could tell me let alone wanted to help me and there is NO information online either. You're answer really hasn't helped me and information I already knew. A total waste of time and money.
Lawyer: Barrister, Attorney replied 7 months ago

Well, unfortunately, most people won't work for free to do research for someone about something that happened 25 years ago. So it isn't surprising that realtors didn't want to spend their time helping you... As for what you already knew, I am good, but I am not a mind reader so I have no idea what the customer already knows so I start from the ground up.

.

One other option, although it might be a slim one... if the person had a probate case to settle their estate, it is possible that the executor might have listed their interest in the property in their Inventory of assets and assigned it a value back when they passed. So looking up the probate records might be an option to see if a value was listed.

.

Otherwise, you are left with estimating about what it was worth based on taxable value, which should be info easily discovered... and kind of obvious... or paying an appraiser to do the research and give you an estimate.

.

With regard to the question and my service, I am sorry I can't instantly correct a 25 year old issue, but JustAnswer's policy is 100% customer satisfaction so you if you are unsatisfied for any reason all you have to do is contact their customer service and they will happily refund your money, no questions asked..

.

.

thanks

Barrister

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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