If commercial real estate is part of your estate planning or gifting process; or if you are a personal representative designated with the task of settling the estate of a client, spouse or other family member that includes commercial real property, we can help.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.
Typically, real property appraisals are needed for the following actions:
• Sale of real property; either to a relative or non-relative
• Partitioning an estate among the heirs or beneficiaries
• Partial interests (typically income property)
• Federal or state estate tax returns
• Gifts and gift trusts
• Determining the basis for capital gains tax
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and other taxing agencies requirements. Opinions of value used in documents filed with the revenue authorities should be well supported by a detailed report as to how the appraiser arrived at his or her conclusions.
Avoid unprofessional appraisers who offer either “high” or “low” value opinions to “assist” the client in their dealings with revenue authorities. The Internal Revenue Service may assess significant tax penalties for valuations that are clearly biased in favor of the tax payer.
At New West Consulting, we are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Market Value opinion matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) also binds us with confidentiality, ensuring the fullest degree of discretion.
Let our knowledge and experience assist you.
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