- Jan 18, 2005
- Professional Status
- Certified Residential Appraiser
I have a msg that I have not returned yet from a homeowner who's appraisal I completed about 1 year ago. The purpose of the appraisal back then was to settle a dispute with her siblings regarding selling the home or keeping it (it was their deceased parents home). Now she is calling wanting to know what the "basis" was in 1983? Huh? Isn't this a job for an accountant? I know that in income tax accounting, adjusted basis meant what you bought it for + improvements made - depreciation (in a nutshell). Should I tell her to talk to her accountant, or is this something that we appraisers are supposed to do using the cost approach, but how to I adjust it to 1983? I've never done this before, so sorry to sound so stupid. Your help appreciated.