Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated about 4 years ago on .

Selling property abroad
I own 25% of a land property that was given to me (sold at a very low price for documentation purposes), but I did not pay a dime. This land is now being sold by my family that I will be able to claim 25% of its value. I don't know that the fair market value was at the time of the transfer. What would be the best way to calculate or estimate the FMV to pay IRS for capital gain tax? -- I am aware that 1031 exchange would help to avoid this tax, but I am not interested to keep properties overseas.