Stevie:

I'm not a tax guru and I didn't sleep at a Holiday Inn last night but I think you have answered your own question. Have the building appraised and, if possible, ask the previous owner for any documents he may have about the building. It's odd (to me) that the previous owner would have kept documents but stranger things have happened.

The appraisal will cost you a little but you will have the documents that you need.

Chris

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/at least she finds me handy.