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Appraisal for Estate Purposes

Discussion in 'General Appraisal Discussion' started by DJBanas, Jun 27, 2011.

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  1. DJBanas

    DJBanas Senior Member

    10
    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    I need some advice on what to ask for in ordering an appraisal for estate purposes. I have never done one and since this is for family I have already bowed out of making this my first. The Executor of the will has asked me what she needs to ask for from an appraiser.

    This is in PA (Phila). Who should the intended users be? What is the purpose, to establish a value for estate value? What description of value should be used?

    Anything else I'm missing?

    Thanks for any input.
     
  2. JSmith43

    JSmith43 Elite Member

    19
    May 5, 2003
    Professional Status:
    Certified General Appraiser
    State:
    California
  3. DJBanas

    DJBanas Senior Member

    10
    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
  4. Mike Kennedy

    Mike Kennedy Elite Member

    184
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    DJ enable private messaging in the USER CP.
     
  5. DJBanas

    DJBanas Senior Member

    10
    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Mike:

    It is.

    Don
     
  6. Mike Kennedy

    Mike Kennedy Elite Member

    184
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "DJBanas has chosen not to receive private messages or may not be allowed to receive private messages. Therefore you may not send your message to him/her."

    Sent an email to you just now.
     
  7. DJBanas

    DJBanas Senior Member

    10
    Aug 26, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Pennsylvania
    Mike:

    I had the "receive from moderators and buddies" box checked. Unchecked now.
     
  8. Mike Kennedy

    Mike Kennedy Elite Member

    184
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Last edited: Jun 27, 2011
  9. Elliott

    Elliott Elite Member

    57
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    1. Date of death.
    2. Appraisal is to be used for estate purposes.
    3. Though you are not qualified to give tax advice, given the current market, be aware
    that the executor might be calling you for a valuation six months after the date of death.
    The estate might have a different valuation.
    4. Two of the heirs don't like one of the other heirs. "Mom may have liked him, but we don't."
     
  10. Mike Kennedy

    Mike Kennedy Elite Member

    184
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    NEW IRS APPRAISAL REQUIREMENTS
    A "final rule" was adopted by the IRS that sets out a new set of penalties for signing and non-signing tax return preparers. Non-signing tax return preparers includes appraisers, so you may want to take a look at the final rule. The IRS has the discretion to impose section 6694 or 6695A penalties depending on the facts and circumstances of an appraiser's conduct.
    Since the IRS rules are not clear with regard to how the "reasonable basis" standard of care test specifically applies to an appraiser/appraisal, appraisers are in limbo until these standards are better explained.

    Estate Tax FAQ May 2011
    http://www.irs.gov/businesses/small/article/0,,id=108143,00.html

     
    Last edited: Jun 27, 2011
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