Lost Records
A home seller has lost all records of the original purchase from over 20 years ago. Will the state and federal taxing authorities demand proof of purchase or do they maintain records that will have the original info? Can the seller just make a best guess hope for the best?
What is the seller trying to find out?
The tax return for this year requires both the selling price as well as the original costs to determine the tax due. If the original records are not available who is to say what the original price was? Do the taxing authorities have access to records over 20 years old or does one just make a best guess and see what happens?
The Orange County Assessor and Recorder will have a record of the original purchase price.