Estate settlement can be a complex and unfamiliar process for many people. That’s why we at Austin Appraisal Group are here to shed light on estate appraisals and guide you through this crucial aspect of estate settlement.

Our primary goal is to provide you with an IRS Compliant Qualified Appraisal conducted by a Qualified Appraiser, ensuring a seamless process even in the event of an audit.

Defining an IRS Qualified Appraiser:

A Licensed or Certified Appraiser who possesses in-depth knowledge of the specific property type and local neighborhood.

Understanding an IRS Qualified Appraisal:

An appraisal executed by a Qualified Appraiser that adheres to USPAP Compliance.

Typical Instances When Estate Appraisals Are Required:

1. When filing an Estate or Gift Tax Return.
2. In the case of Charitable Donations of Real Property.
3. For determining settlements between heirs.

Real estate appraisals are often necessary for tax purposes when an estate undergoes a transfer of ownership due to death or inheritance. This helps establish the step-up basis, potentially saving hundreds of thousands in Capital Gains Taxes. Attorneys or accountants involved in the settlement process usually order an appraisal or instruct a family member or executor to select an appraiser.

At Austin Appraisal Group, our team of certified appraisers recognizes the challenges associated with valuing a property during these sensitive times. We are committed to delivering the best possible experience tailored to your unique circumstances.

Diverse Estate Situations Require Different Approaches

Each estate situation varies, and the appraised value required depends on the estate’s specific needs. Your attorney or accountant can guide you towards the appropriate value required for your estate. We are also more than happy to consult with your attorney or accountant to determine the exact requirements for your situation.

Information Needed to Complete an Estate Appraisal:

1. Who is the client? We recommend the Trust.
2. What is the purpose of the appraisal?
3. Who are the additional intended users? (CPA, Attorney are most common)
4. What is the effective date? (Current or Retrospective)
5. What is the property address? This helps us research the property and determine the appropriate fee for the assignment.

Upon formalizing a request, we will also need information regarding the person responsible for payment and the individual granting access to the home.

Contact us at 512-655-9775 or fill out our free quote request form on this page for a complimentary appraisal quote. Our team of knowledgeable professionals is ready to answer your questions and provide an accurate appraisal that meets all your needs.