Estate Appraisals

At The Appraisal Place, we provide expert real estate appraisal services to Los Angeles and its surrounding communities. Our team of certified appraisers specializes in accurate, reliable property valuations for a variety of needs, including buying, selling, refinancing, estate planning, and legal matters. With a deep understanding of the dynamic Southern California real estate market, we deliver detailed, timely reports that empower you to make confident decisions.

Whether you’re a homeowner, real estate agent, attorney, or lender, we tailor our services to meet your specific requirements. Our process combines advanced technology with industry expertise to ensure precision and efficiency.

At The Appraisal Place, we pride ourselves on integrity, professionalism, and unmatched customer service. We are committed to helping you navigate the complexities of property valuation with ease and confidence. Choose The Appraisal Place—where accurate appraisals are the foundation of informed real estate decisions.

Date of Death Appraisals and Date of Death Valuations
Estate tax liability. Disposition of assets under a will or in probate. There are many situations—none of them lacking stress and complexity—where you might need an appraisal of property that states an opinion of what the property was worth on a date of death, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a “date of death appraisal” is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death—but the same principles apply.)

Attorneys, accountants, executors, and others rely on The Appraisal Place for date of death appraisals and date of death valuations because such appraisals require special expertise and training. They require a firm that’s been in the area for some time and can effectively research comparable contemporaneous sales. Real property isn’t like publicly traded stock or other items which don’t fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.

When a loved one passes away, dealing with the financial aspects of their estate can be complex and overwhelming. One critical process during estate planning is obtaining a date of death appraisal. This step helps determine the fair market value of a deceased person’s property for tax purposes, including capital gains tax and estate taxes. Understanding the importance of this appraisal and how it impacts the inheritance of property can help family members navigate these financial decisions more effectively.

Why a Date of Death Appraisal and Date of Death Valuation are Important
A date of death appraisal is an essential tool used to assess the value of real estate at the time of a person’s passing. It plays a crucial role in determining the fair market value of the property, which has significant implications for estate planning. Family members who stand to inherit property need to know the value for various reasons, including the calculation of any capital gains tax if they later decide to sell the inherited asset. The appraisal also helps clarify the tax implications that the estate may face.

When inheriting property, the value of the home is often reassessed to the current market value as of the date of death. This value forms the baseline for determining any future capital gains tax owed if the property is sold. By establishing this value through a qualified appraiser, heirs can avoid unnecessary tax burdens and ensure a fair assessment for estate taxes.

The appraisal must be conducted by an experienced and qualified appraiser who understands the specific nuances of estate appraisals and the requirements for date of death appraisals. The appraisal process typically needs to occur within several months after death to ensure accuracy and compliance with tax laws.

Impact on Taxes and Capital Gains
One of the primary reasons for conducting a date of death appraisal is to minimize the financial burden on the heirs. The estate may be subject to estate taxes, which are calculated based on the total value of the deceased person’s assets. A precise appraisal can ensure that the estate’s value is accurately reported to the IRS, preventing overpayment on taxes.

Working with a certified appraiser ensures the appraisal will stand up to IRS scrutiny and provide peace of mind for the family. Whether for estate planning, managing the inheritance process, or handling tax-related questions, a date of death appraisal is a necessary step in dealing with a deceased person’s real estate.