Guidance request--appraisal for IRS audit

[Sadie]

Appraisers don't appraise homes, they actually appraise property rights. I have personally appraised properties damaged by storms, involving bulkheading, docks. etc. When it comes to these situations, I have generally been engaged by an attorney or accountant, who tell me exactly what they need. Depending on the particular circumstances, it can vary from replacement cost, to before and after valuations (i.e., value of property with dock versus value of property without dock). It's very important to determine what is needed, because the appraisals needed can be expensive, and it is best to make sure that the correct valuation method is utilized from the outset.

Residential appraisers appraise real estate. Which is the land and its improvements, The property rights are a portion of the whole.

 

[Zephyr999]

Residential appraisers appraise real estate. Which is the land and its improvements, The property rights are a portion of the whole.

Those are part of the bundle, called physical rights...in actuality you are appraising Real Property regardless of license level that has the full bundle considered, which is why the legal description is used and not a physical property address.

 

[The Warrior Monk]

Residential appraisers appraise real estate. Which is the land and its improvements, The property rights are a portion of the whole.

Real estate is simply the land and structures, resources, etc. attached to it.

Real property includes both the real estate and the bundle of right attached to it.