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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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
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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
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5/13/2020 3:27 PM
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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