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How are fair market value determined on vacant land sold.

How are fair market...

How are fair market value determined on vacant land sold

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Land was inherited in 1979 and sold in 2017. The tax statement for 1979 has a market value of 1698 and assessed value of 1600 is either of these considered fair market value?

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Answered in 1 minute by:
3/12/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,847
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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The market value is likely a fair assessment.

...

Sometimes these assessments are only done every so often, however.

...

(and sometimes there are exceptions from re-appraisal)

...

YOU can always look at land sales at that time in the same area for similar use land and/or talk to real estate professionals and appraisers.

...

BU if you aren't trying to justify a higher basis (your basis would be stepped up to the fair market value of the property on the date of death) IRS will accept the taxing authority's assessment of Fair Market Value

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Customer reply replied 5 months ago
When asked on the tax return for a fair market value would i use the market value on the tax statement of 1698?

Yes, if date of death was 1979 (looks like that's the case)

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Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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Lane
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