Farm Basis Question

[TaxDan]

Daughter inherited a farm, no appraisal done because farm will not be sold, been in family 150 years, and did not have to be probated. How would you estimate the basis for fences and outbuildings for new depreciation as this is the first year for her to report on Form 4835? The stuff was fully depreciated out to parents long ago but it still has some value but old CPA can not give me a basis... I plan on just estimating low, but I would sure hate to do it too low, any suggestions appreciated...

[OldJack]

For the few hundred dollars an appraisal costs it would be in the taxpayers best interest to do so. Unless you are a licensed and qualified you should not be estimating the fair market value. If the taxpayer refuses to get an appraisal then have the taxpayer estimate the fair market value for you.