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Business Partner Appraising My Rental Property

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hossie

Freshman Member
Joined
Mar 10, 2010
Professional Status
Certified Residential Appraiser
State
California
I'm pretty sure the answer is no, but can my business partner appraise one of my rental properties for a non-lender transaction? My in-laws live in the house and we are going to start gifting some of the equity to them over the next few years.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Gifting is an IRS issue and you have to swear in the 8283 document that you are impartial and will accept drawing and quartering as punishment if you are determined by the IRS to have violated law. I would not do that to my business partner lightly. Find an independent third party. And read the instructions to the 8283 IRS form which you will have to sign in order to get a tax deduction.
 

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hossie

Freshman Member
Joined
Mar 10, 2010
Professional Status
Certified Residential Appraiser
State
California
Thanks, I will go with another appraiser that I have known for years.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I'm pretty sure the answer is no, but can my business partner appraise one of my rental properties for a non-lender transaction? My in-laws live in the house and we are going to start gifting some of the equity to them over the next few years.
You are correct: No.
 
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