A date of death appraisal, also known as an estate appraisal, is an appraisal of real estate as of the date of the owner's death. It is typically completed by a state-licensed real estate appraiser.
Why is a date of death appraisal important?
A date of death appraisal is important for several reasons:
When is a date of death appraisal required?
A date of death appraisal is required for estates that are subject to estate tax. However, even if an estate is below the federal estate tax exemption, it may still be subject to state estate tax. Additionally, a date of death appraisal may be required for other purposes, such as settling a divorce or resolving a probate dispute.
How to choose an appraiser
When choosing an appraiser, it is important to select someone who is licensed and certified. You can ask your attorney or accountant for recommendations. Once you have a few names, you should interview each appraiser to learn more about their experience and qualifications.
Conclusion
A date of death appraisal is an important part of settling an estate or probate estate. It is used to determine the value of the decedent's estate for estate tax purposes and to establish the basis of the property for the heirs or beneficiaries. If you are responsible for settling an estate, you should contact an attorney or accountant to discuss whether a date of death appraisal is necessary.
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