Legal Question in Real Estate Law in Texas

My ex husband and I built a house in 1986. We paid for the house as we went. After a divorce in 1998, the records of costs to build the house are gone. The house was left to me. I had to take a small loan out about 5 years ago to help support me and the kids. We moved to another house which I purchased. I have been renting out the house my husband and I built for the last 9 years. I am having trouble making the mortgage on that house and the one I live in currently. I was thinking of either selling the house I got during the divorce or possibly using a short sale. How will I show what I paid if for it back in 1986 so that I can turn that info into the IRS? I was told I could use fair market value but I am not sure. I know we paid out about 100,000 back in 1986. Can you advise me?

Asked on 4/06/10, 11:50 am

Cheryl Rivera Smith The Smith Law Firm

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You don't have to prove anything. The lender will require a current appraisal to determine fair market value.

Answered on 4/13/10, 11:36 am

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