Q: My father died in 2002. At the time of death, his property was for sale for $1,000,000. He had a contract for that
amount, but the city would not approve it. We have had several offers for that amount but again the city wouldn't approve it. We now have a contract for $500,000. We didn't get an appraisal at the time of his death, would the previous sale price show the value of the property at this time of his death so that we would not have to pay estate tax?
A: It would depend on a number of factors. How close was the sale before he passed and was there an appraisal for the sale? If there was a third party appraisal within 12 months of his passing you could make that argument. However you may need to hire an expert.
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