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Real Estate Tax Question

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wa2be

Junior Member
What is the name of your state? CO

When selling property that has been in your family for a long period of time (over 100 years in my case), how does the IRS determine the taxes that you pay on the sale? All the information I've been able to locate only applies to the situation where you are selling land that you yourself paid for at sometime in the past. What happens when it's been handed down for several generations?
 


wa2be

Junior Member
Snipes5 said:
The current basis is the fair market value on the date of the last owner's death.

Snipes
How is that value determined? The last owner died in the late 1970's.
 

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