Settling an estate is one of those things that most people know little about until they actually go through the experience. So we hope to offer you a bit of insight below into the process of estate settlement as it pertains to real estate appraisals.
At GA Appraisals, Inc, we are here to provide you with a Qualified Appraisal by a Qualified Appraiser that is IRS Compliant so even if you are audited, you will have no issues with the appraisal.
What is an IRS Qualified Appraiser?
- A Licensed or Certified Appraiser who is familiar with the type of property and the local neighborhood.
What is an IRS Qualified Appraisal?
- An appraisal performed by an Qualified Appraiser that is USPAP Compliant.
When are appraisals generally needed for an Estate?
- Anytime an Estate or Gift Tax Return is filed
- Anytime there is a Charitable Donation of Real Property
- When determining a settlement between heirs
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes to determine the step up basis which can save hundreds of thousands in Capital Gains Taxes. Often times during the settlement process either an attorney or accountant will order an appraisal or have a family member or executor select an appraiser for the job at hand.
Regardless of your needs or the elapsed time, our team of certified appraisers at GA Appraisals, Inc understands the complexities involved in assessing the value of a property under these difficult circumstances and we’ll provide you with the best possible experience.
Not all estate situations are equal
Remember, every estate situation is different and the type of appraised value required all depends on the particular needs of the estate. This isn’t something you need to worry about as a good attorney or accountant can easily help direct you toward the type of value needed for the estate. Additionally, we’re happy to speak with your attorney or accountant to clarify exactly what’s required for your situation.
What information do we need from you to complete an Appraisal?
- Who is the Client? We recommend it be the Trust.
- What is the purpose of the appraisal?
- Who are additional Intended Users? (CPA, Attorney are the most common)
- What is the effective date? (Current or Retrospective)
- What is the address? We need this to research the property to determine the appropriate fee for the assignment.
Once you formalize a request, we will also need to know who is responsible for payment and who will give us access to the home.
Give us a call today with any questions you might have and also check out our ‘Praise’ page and see what others are saying about Glen Kangas and GA Appraisals, Inc.