tax on sale of inherited overseas house

My mother sold a small home overseas that she inherited 40 years ago and used as a summer home until she became a widow a year ago and it became too much trouble to keep. We are having a difficult time establishing a "basis" for it.. (it was not very valuable and was barely taxed those many years ago)... Also repairs and improvements that she made on the house over the years have no remaining records and she only remembers vaguely things like $$$$ for the roof, electrical system upgrade, bathroom repair..,,, etc., etc... Any thoughts on how we can figure a basis for it... Also, when she sold the house she also sold all the contents over there (overseas) because she didn't have a need for them and because it would have been too much trouble to bring them over... There was some apparently valuable old things and furniture because the sale brought in

10,000,... How in the world do we establish a basis on that sale too as the stuff that was sold was stuff that she inherited those many years ago along with the house??? Sorry so many questions... Can anyone help us with info or point us to somewhere where we can get that info..

"David Fraleigh" wrote

For US tax purposes: There won't be a deductible loss on the sale of personal assets, so all you're shooting for is enough in basis to cover the sales price received. Unless there were some serious collectibles, the only major asset would be the house. Don't know the dollar amount involved here, but is it worth seeing how far back the government has tax records that show values assigned on the property? That value may not be accurate, but it's a start, and generally free or low cost. Other than that, an appraisal would be in order if the potential money is serious enough to warrant it. Most appraisers can generate a "what it was worth" valuation. Still a guess, but you have a document with a value on it.

Good luck with it.