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Old 06-27-2011, 08:37 AM
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DJBanas DJBanas is offline
 
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Default Appraisal for Estate Purposes

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.
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Old 06-27-2011, 09:00 AM
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Effective date.
  #3  
Old 06-27-2011, 09:02 AM
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DJBanas DJBanas is offline
 
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Thanks Mentor!
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  #4  
Old 06-27-2011, 09:06 AM
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DJ enable private messaging in the USER CP.
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  #5  
Old 06-27-2011, 09:10 AM
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Mike:

It is.

Don
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  #6  
Old 06-27-2011, 09:11 AM
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Mike Kennedy Mike Kennedy is offline
 
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"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.
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  #7  
Old 06-27-2011, 09:14 AM
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Mike:

I had the "receive from moderators and buddies" box checked. Unchecked now.
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  #8  
Old 06-27-2011, 09:21 AM
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http://www.irs.gov/pub/irs-pdf/p561.pdf
Pages 2, 6, 9-11

http://www.irs.gov/publications/p561/index.html

also see New/Updated Requirements for Qualified Appraisal and Qualified Appraiser
Section IV A & B
http://www.irs.gov/irb/2008-40_IRB/ar13.html


Don, shoot me back an email when you get mine. Sent you a private msg as well.
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Last edited by Mike Kennedy : 06-27-2011 at 09:37 AM.
  #9  
Old 06-27-2011, 09:37 AM
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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  
Old 06-27-2011, 09:48 AM
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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/...108143,00.html

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Last edited by Mike Kennedy : 06-27-2011 at 09:54 AM.
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