Estate Trust & Date of Death Real Property Appraisals

Appraisals are increasingly coming under IRS scrutiny. If you need to obtain an appraisal of a decedent’s property, make sure that the person appraising the property is an expert in that field. The appraiser will, as a rule, attach to the appraisal a resume or curriculum vitae showing his or her qualifications. If it’s not attached to the official appraisal, ask for it.

Should the IRS ever question the valuations you use on a Form 706, appraisals jotted down on a piece of paper may not fly, but one that documents the value of the item in question and the qualifications of the appraiser most likely will. Goosby Valuation is an expert in appraising real estate in Greater Los Angeles. Call Now:

Got a Question?

Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Information
Question
AccountsWorld:
 
E-filing of Form 1040-X coming this summer
5/28/2020 3:45 PM
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer...Read More
 
Final regs. address reporting by tax-exempt organizations
5/27/2020 1:45 PM
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990, Return of Organization Exempt From Income Tax...Read More
 
Premium tax credit unaffected by personal exemption decrease to zero
5/26/2020 12:41 PM
The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero...Read More
 
HSA contribution limits increase for 2021
5/20/2020 3:02 PM
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts...Read More
 
IRS mobilizing 3,500 phone operators to answer stimulus questions
5/18/2020 3:49 PM
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments...Read More
 
Final regs. clarify when interest in corporation is stock vs. debt
5/13/2020 3:27 PM
The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt...Read More
 
Proposed rules govern deductions and reporting for restitution
5/13/2020 1:43 PM
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act...Read More
 
IRS allows midyear changes to health coverage, dependent care elections
5/12/2020 2:33 PM
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses...Read More
 
Taxpayers must act soon for direct deposit of stimulus payments
5/8/2020 3:59 PM
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically...Read More
 
Trusts and estates are permitted certain deductions
5/8/2020 10:40 AM
The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions...Read More