How do I obtain a cost basis for gifted real estate in Russia?

Question

Approximately ten years ago, we received some long-held real estate in Moscow. Last year, we sold it. My understanding is that we owe capital gains tax based on the difference between the value at the time it was received and the sale price. The primary residence exception does not apply in this case.

How do I obtain a) a fair estimate of the property in 2011 and b) good enough documentation for the IRS for this scenario?

We are not able to access the giver's tax records to see what the declared value of the gift was at that time (it was presumably written off against their lifetime estate tax exemption anyway).

Answer 1

If it was a gift then your basis is the donor's basis, not the FMV at the time of the transfer. You'll need to find out that basis. It sounds like your donor was a US taxpayer, so you can try and request a copy of the form 709 which was filed with the IRS at the time for that.