Fair Market value when there are no comps?

[Dan N.]

Hi All, 

A buddy of mine inherited a house in rural Missouri (Gilliam, MO 65330). Per a local realtor, there are no comps. It's a 10 acre property with a house built in 1855. Folks don't so much sell properties as inherit them. He currently has it listed and it has been on the market 70+ days. For tax purposes, he needs to determine the fair market value. Any ideas how to accomplish that? He has consulted Zillow, but I cautioned him that Zillow may not be so reliable. Redfin does not cover his market. 

Thanks in advance for any advice,

Dan

[Vince Mayer]

The house would actually be physically visited in stead of relying solely on past sales.

If you actually want a value put on the house, get an appraisal done by a licensed appraiser. It cost money but the IRS will accept it and you can write it off, maybe....