Ascot Appraisals performs professional, accurate appraisals for your tax related needs. When it comes to your client’s assets, we understand the need for accurate, current, and retrospective valuations.
If you find yourself in the unfortunate circumstance of needing a retrospective, date of death appraisal, Ascot Appraisals is honored to be of service.
From estate planning and probate needs to tax appeals and step up in basis evaluations, Ascot Appraisals can meet your valuation needs.
If your client owns property in Bakersfield or Kern County, you need a local, qualified, experienced appraiser to give you the most accurate property appraisal.
With over 30 years combined experience in the Bakersfield real estate market, our appraisers can provide accurate appraisals for your client’s tax needs.
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A probate case requires the decedent’s property to be appraised in order to determine the value of the property as of the date of death. The probate court needs to know the value of the estate prior to distribution of the assets. Probate cases primarily depend on professional appraisals to determine the value of properties held by the estate.
New IRS Tax Return Regulations (26 CFR part 1) requires taxpayers to obtain a “qualified appraisal” on real property by a “qualified appraiser.” The IRS has defined the appraisal standards that must be met along with verifiable minimum education, has earned an appraisal designation from a recognized organization, and/or have equivalent experience in valuing the type of property being appraised.
Examples of situations in which an appraisal is needed:
Sale to a relative
Partitioning an estate among the heirs or beneficiaries
Sale to a non-relative
Prior to listing the home for sale
Partial interest (typically income property)
Federal or state estate tax returns
Gifts and gift trusts
Determining the basis for capital gains tax
Important Definitions in regards to estate planning and probate appraisals:
Beneficiary – person or organization who is legally entitled to receive gifts made under legal documents such as a trust or will.
Death taxes – Taxes levied on the property of a person who died. Federal taxes are called Estate Taxes. State taxes are called by various names, such as Inheritance Taxes.
Estate tax – tax imposed on the right of a person to transfer property at death (federal and some states)
Gift – property transferred freely to a person or institution, before or after a death
Gross estate – the total value of all property in which the decedent had an interest, and is included by the IRS code
Inheritance tax – tax levied on the rights of the heirs to receive property from a deceased person (some states)
Living trusts – set up while a person is alive and which remain under the control of that person until death. Used to minimize probate.
Probate – the process of proving the validity of the will and executing its provisions under the guidance of the appropriate public official
Taxable estate – assets minus liabilities, excluding property left to a surviving spouse or charity for federal estate taxes
Trust – one person or institution (trustee) controls property given to another person (trustor) for the benefit of a third person (beneficiary)