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How can I find out the FMV of my property 10 years ago, the year my husband passed away. Related to if the $500K tax exclusion is applicable still if I sell my house this year.

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  • Tax questions require us knowing the country. Please specify the country. Jan 5 at 23:49
  • Talk to a real estate agent. They usually have access to sales records and can find similar property sales. Jan 6 at 3:38
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    $500K exclusion suggests this is for the US
    – littleadv
    Jan 6 at 5:45
  • This is actually a county-specific question. Local taxes are often built around fair market value, but not always. DIfferent resources may be available in different states and local jurisdictions beyond attempting to find listings from a decade prior. Jan 6 at 5:49
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    I don't think you can get a $500,000 exclusion now. That's the exclusion for two people combining their individual $250k exclusions on a joint tax return.
    – chepner
    Jan 6 at 19:27
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This is a job for an appraiser. You can find a local (to the property) appraiser through Yelp or Google, or ask your favorite realtor for referrals. Appraisers are trained to valuate property and can provide valuation for a specific date.

This is a common practice, and your scenario (step up basis of an inherited property) is not at all unique. It would probably cost several hundreds of dollars though ($300-500, from my personal experience).

The IRS would want an authoritative estimate. Just relying on old sales records or advertisements will not be enough. Providing a formal appraisal by a licensed appraiser will satisfy them.

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