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Member
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Last Login: 3/9/2006 7:34:00 PM
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| When preparing the form 706 can the county probate examiner's reports of fair market value of real estate at date of death be used? Are there any benefits or necessity to have the client obtain professional appraisals in addition or in place of the probate examiner's appraisals? Thank you for your assistance. Brian
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Power Member
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Last Login: 1/6/2010 6:00:00 PM
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| Yes you may. Keep in mind that the valuation you use may be challenged, either by the IRS, or perhaps by an adverse party if it bears on the amount that party will receive. They will bring in their own appraiser, and the dueling of professionals will begin if they disagree. So when your client pays for an appraisal, whether from a probate referee or anyone else, he or she pays for the appraisal itself, and the ability of the appraiser to defend his or her opinion of value. I have read many court opinions in which the judge bluntly laughs one or more appraisals (and appraisers, including CPAs without extensive appraisal experience) out of court. So if your client senses trouble ahead, it doesn't hurt to ask the probate referee for his or her backup material and experience in defending his or her work. If your client wants a second opinion, or a "heavy hitter," then go for it. Morris, if you are out there, perhaps you could give your two cents worth.
John Jacobson
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Member
Group: Forum Members
Last Login: 3/9/2006 7:34:00 PM
Posts: 2,
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