AVS, Inc.  

                                                  Real Estate Appraisal Services

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Office Phone (907) 522-1031     Fax Phone (907) 522-2554      P O Box 111509   Anchorage, AK  99511-1509 

    
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Anchorage, AK

 

     ESTATE - Date of Death Valuations   

Estate Tax Liability - disposition of assets under a will or in probate. 

 

Losing a loved one is generally hard enough.  Settling the estate and preventing unnecessary extra capital gains tax bills can be avoided.  There are many situations -- none of them lacking stress and complexity -- leftwhere you need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. 

 

In estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required.  (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.)  Having an appraisal done for the ""date of death" sets the value when the property was inherited.

For instance your loved one has passed away and it takes several months and lots of your money to bring the property up to current market standards to be sold. After selling the IRS now tells you that you owe a much larger amount of taxes based on capital gains.  The IRS in this case has used the significantly lower tax assessed value of on the property rather than a "date of death" appraisal, and has not discounted your costs to improve the property, which results in a much larger inheritance and a much larger tax bill for capital gains.

Attorneys, accountants, executors and others rely on us for "date of death" valuations because such appraisals require special expertise and training.  They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales. 

 

Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect. 

 

To order an appraisal of your property call us at (907) 522-1031.

Copyrighted 2008  Alaska Valuation Services, Inc     All Rights Reserved.                            Last updated 01/25/2008