You must also consider a fact that determining the tax basis for properties that you inherited or received as a gift is different. You may never know the cost of inheritance, the tax basis for determining the taxable gain or loss of the property you inherited is the fair market value of that property on the date of the title holder’s death. In other case the property which is received as a gift, the tax basis is either the donor’s cost of the fair market value on the date you received the gift. So first get to know that what your tax basis will be in either a gift or an inheritance case. For that the best time is when you receive the gift or your property through inheritance. The reason is that years after the people who have the tax information of that property may move or even died. If you know the basis of the property that you have receive either through a gift or inheritance.
With this being a fact your can sell your property which you got through either a gift or an inheritance right away. As far as your loss or gain is concerned, it will be a simple matter of calculation and you don’t need to worry about issues. After all this you can also calculate your tax basis using usual ways like newspaper ads, local real estate board and broker records and the Consumer Price Index (CPI).