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:

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2019 inflation-adjusted vehicle depreciation limits and income inclusions issued
5/21/2019 3:35 PM
The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2019...Read More
IRS corrects error in Schedule D tax calculation worksheet
5/17/2019 1:15 PM
The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act...Read More
IRS extends filing deadlines for CCH customers
5/14/2019 5:00 PM
The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time...Read More
FASB proposes simplifying accounting for income taxes
5/14/2019 11:15 AM
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex...Read More
Distribution by former S corporation is part dividend
5/10/2019 12:00 PM
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution...Read More
IRS changes maximum-vehicle-value rule
5/9/2019 1:45 PM
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile rule and the fleet-average-valuation rule...Read More
Proposed rules would govern withholding on transfers of partnership interests
5/8/2019 1:30 PM
The IRS issued proposed regulations on the operation of new Sec. 1446(f), which requires withholding on the transfer of a partnership interest described in Sec. 864(c)(8) (gain or loss of foreign persons from the sale or exchange of certain partnership interests)...Read More
More proposed regs. on qualified opportunity funds issued
4/17/2019 4:50 PM
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018...Read More
Can a state tax a trust based on the beneficiary’s residency?
4/17/2019 3:15 PM
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state...Read More
Safe harbor issued for valuing pro sports trades
4/11/2019 5:00 PM
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash...Read More