I’ve Engaged an Appraiser for the IRS, Now What?I’ve Engaged an Appraiser for the IRS, Now What?

You’ve engaged an appraiser to provide you with an independent appraisal for federal tax purposes. Here’s what you need to know and what you need to consider when working with the appraiser and filing an estate or gift tax return for federal tax purposes.

Qualified Appraisal/Appraiser

You likely have an appraiser you reach out to for valuations on real property or for business valuations whom you feel comfortable with and who’s responsive to providing you with a timely quality appraisal based on an independent analysis of the facts. This individual is a qualified appraiser with appropriate designations that follows professional standards consistent with Revenue Notice 2006-96.¹ That is, you’ve requested a “qualified appraisal” from a “qual...