Importance of Date of Death Appraisal in Estate Evaluation
A Date of Death Appraisal plays a crucial role in accurately evaluating a deceased person's estate. When a property is part of an estate, the IRS, probate courts, and beneficiaries all rely on this retrospective appraisal to determine the fair market value of the real estate as of the day the individual passed away.
This valuation is essential for several reasons:
Estate Tax Reporting: The value determines potential federal or state estate taxes.
Step-Up in Basis: Beneficiaries may need the appraised value to establish a new cost basis for capital gains calculation if the property is later sold.
Equitable Distribution: Helps ensure fair asset distribution among heirs.
Probate Requirements: Courts often mandate this appraisal to proceed with the estate settlement.
At Pacific Home Appraisers, we provide certified Date of Death Appraisals that are timely, IRS-compliant, and court-ready. We work closely with attorneys, accountants, and estate executors, offering professional guidance and accurate reports during sensitive times.
We also offer:
Trust Appraisals
Retrospective Valuations
Expert Witness Testimony
Call 818-880-1466 or visit www.PacificHomeAppraisers.com Compassionate. Certified. Estate Appraisal Experts.