Appraisal for Gift-tax Purposes

An appraisal for gift tax purposes involves a charitable donation to a non-profit organization or a non-charitable gift to a family member of a fractional interest or 100% interest in a property as of a specific date.

The intended users are the attorney or CPA representing the property owner in filing a federal tax return. The IRS later reviews the appraisal and might contest the valuation. Expert witness testimony might be required. In this case, Vestor Realty Consultants would recommend a summary appraisal report following consultation with the attorney or CPA working on behalf of the client.