OLD Sold Price (sales, housing, prices, value)

[Lacerta]

I'm looking for any ideas on how to find out how much a house sold for back in the 70s (to figure gain for tax purposes). The owner does not have the records and is elderly and does not remember. I believe they paid cash, because there is only a warranty deed on record, no deed of trust (although that would only show a loan amount, not a purchase price, anyway). Our local MLS only has records back into the 80s, so not far enough back.

Anyone have any brilliant ideas of other places I might check for this information?

[MikeyKid]

County clerk?

[rjrcm]

I was going to suggest that you check your county tax records, but remembered that Idaho did not require reporting sale prices until recently. You might get lucky and find it there.

[Lacerta]

Originally Posted by MikeyKid

County clerk?

Would the county clerk have anything other than the warranty deeds and deeds of trust? Because I already accessed that information and there was nothing useful other than it gave me the actual date it closed, so I could narrow the search a little.

Originally Posted by rjrcm

I was going to suggest that you check your county tax records, but remembered that Idaho did not require reporting sale prices until recently. You might get lucky and find it there.

Good memory, that is correct. They might have reported it on the form to get their homeowner's exemption though. It does ask the question (at least now it does, possibly not in 1977 though), but answering it is optional. Anyway, that is a good thought and worth checking on. Thanks

[rjrcm]

Even though the assessor's office may not have the actual sale price, perhaps they can tell you what the assessed value was that year. May be good enough for calculating your gain for taxes.

[manderly6]

I wonder what the IRS would say if you tell them you simply can't find the purchase price?

[Pruzhany]

Is the sales price higher than $250k (single)/$500k (married)? If not its going to be exempt from capital gains.

Have you gone through the deed books?

[rjrcm]

Originally Posted by NeilVA

Is the sales price higher than $250k (single)/$500k (married)? If not its going to be exempt from capital gains....

Actually, to figure if you are exempt, you have to look at the sales price less the cost basis. If that difference is less than $250K single/$500K married, then no gain to report. Cost basis is the original purchase price plus any improvement costs. And of course, you need to meet the other exemption qualification requirements.

And, yes, if the sale price is under the exemption amount, then no worries assuming you otherwise qualify.

[mortimer]

Single example:

The IRS has better things to do than worry about an original owner house from the
1970's with reasonable numbers that is very unlikely to be worth North of $300k.
Even if they suspect the numbers are a little "tweaked" there are lots of doctors
with "funky" tax returns to look at that will yield a lot more money.

Even if the sales price is $275k or so, then simply assigning a reasonable
amount for the original price plus a reasonable amount for repairs that
count as improvements over the last 40 years ( that's going to be
substantial ) and you still don't have any tax worries.

Even for a $325k or so house, if you assume the original price was $35k
and repairs were $25k, you are still only left with a gain of $15k - taxed
at long-term capital gain rates then you have a tax bill of diddly.

To give you some idea of what housing prices have done, I know the owner
of a house purchased in 1968 for $14k that is worth about $350k today.

[DMenscha]

Perhaps looking at the sellers name on the deed would give you a lead as to being able to find them and they might remember the sales price. Here, the deeds have a phrase "recorded at the request of" and usually the title companies name is there. The title company might be able to dig into their records to come up with the amount.

Good Luck!