LogFAQs > #972863649

Gamingsince1989 posted...

I inherited his house as well but I'm going to have to sell that as I don't live in California, and I don't really want to bother with trying to rent to random people. I will probably have to pay capital gains on the house though, because they valued it much lower than what houses in the area are going for.

Where did the valuation come from, if you dont mind my asking? Ive never personally handled a case like this, but would imagine for IRS/tax purposes that there could be some leeway on what would be an acceptable source of record to determine FMV.

I mean, if Zillow Zestimate was showing a significantly higher FMV than what an alternative source was showing, for my records Id be going off of Zillow.

But yeah, I completely get not wanting to hold onto the property as a rental. Considering how much the market has shot up the past 2 years and what risk there is if it dropping more, selling would seem to be the most reasonable and lucrative option tbh