inheritance

[Jerry8343]

What is the name of your state (only U.S. law)? Pa. I was left a small piece of land that was left to my father from his grandfather and passed to me after his death in 1999. I sold the land but don't know how to find the fair market value for tax purposes. How do I find the fair market value?

 

[anteater]

Check the probate file for your father's estate.

PA Inheritance Tax should have been paid on the property when it transferred to you. There would have had to have been a value established to determine the inheritance tax.

 

[Jerry8343]

This land wasn't something that my dad knew about and he had nothing. I was contacted by a company that wanted to buy the land.

 

[anteater]

This land wasn't something that my dad knew about and he had nothing. I was contacted by a company that wanted to buy the land.

In that case, how did it "..pass[ed] to [you] after his death in 1999?"

 

[LdiJ]

In that case, how did it "..pass[ed] to [you] after his death in 1999?"

It passed from her grandfather to her dad (without her dad knowing) and then to her when the buyer searched out the owner after her father died.

 

[anteater]

It passed from her grandfather to her dad (without her dad knowing) and then to her when the buyer searched out the owner after her father died.

OK, but there had to be a process for it to pass to her(?). And, unless she just cut the PA Department of Revenue out of its inheritance tax bite, a value at Dad's date of death should have been established.

(Uh, I see. The old "more details in an ealier thread.")