How to value an inherited house taken by state

Owner thinks adjusted cost basis on neglected home should mirror 1993 value
Published on Aug 29, 2007

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by CareyBot

DEAR BOB: My parents died in 1993 and left their home to me in excellent condition. In 2007, the state took the home by condemnation for a new road. Over the 14 years, the condition of the house has declined ...