AboutErrica Cook Expertise I can answer any questions regarding buying or selling real estate in California. I can also answer questions about becoming a real estate agent in the state.
Experience I have been selling and training new agents here since 2002.
Expert: Errica Cook Date: 1/16/2008 Subject: Price of a house in 1980/81
Question Hi Errica:
We inherited a house in 1980/81 in Mar Vista CA. We rented it out until 2000
when we moved in to establish our primary residence.
We sold the house in February 2007.
In April we have to account for the capital gains on the house.
Our question is....How do we find out the real worth of the house in 1980/81
when we inherited it??? We have the tax bills for those years BUT.....the
house, Built in 1948, had never been sold...and the value listed was very low
and we believe underestimated.
Is there a web site that could figure that???
THANKS, We are now seniors and can use any advice you can offer.
Answer This is a question for a tax professional, they can tell you where to get that information. You COULD get it from a realtor, if they went back and checked tax records for similar sales that year, but you don't always have to claim the market value, so I would check with an accountant. Good luck!
