Quote:
Originally Posted by SiberianDVM
It was probably low since it is retired farmland that had grown into piney woods, and there was little development then, maybe $1000 an acre? Now selling for about $5000 an acre
|
I would be as aggressive as your accountant recommends on the acquisition basis but I do hope the market value appraisal was performed at time of inheritance.
Even if the appraisal was performed and Turbotax can calculate the tax due, I would still talk to an accountant as they may know something about favorable basis adjustments?