Estate Planning
Did you know that Walter Duke + Partners is a leading provider of commercial real estate appraisal services?
We work closely with your team to make sure all estate-related appraisal needs are taken care. We will also provide real estate valuations so we can put the best position possible in protecting what's been earned!
Estate Planning
Walter Duke + Partners can help you prepare for the unexpected by providing accurate, reliable valuations that will stand up to IRS audits. We work closely with your legal and accounting teams so we are sure all business interests are protected from potential liability or audit risk before it becomes reality.
Through the assistance of our attorneys, we are able to provide you with a “value” point-of -view that can be used among other things as an benchmark for your assets so that subsequent appraisals will illustrate growth (or loss) in their worth.
We Understand IRS Regulations
New IRS Tax Return Regulations (26 CFR part 1) requires taxpayers to obtain a “qualified appraisal” on real property by a “qualified appraiser” as per IRC Section 170(f)(11)(E)(iii)(ii). 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. The appraiser must have experience with IRS Real Property Valuation Guidelines. Treasury Regulation Section 20.2031-1(b) requires the appraiser to follow the valuation guide lines when preparing a real estate appraisal for tax purposes or retrospective appraisal. Moreover, the appraiser should hold a designation and be qualified as stated under regulations Section 1.170A-17(a). Additionally, information that should be stated in the appraisal is set forth in Rev. Proc. 66-69, 1966 C.B. 1257. For example, utilizing the correct definition of “Market Value”, “Use Value”, “Fair Market Value”, “Intrinsic Value”, or “Investment Value” means the difference between a disputed appraisal and one that is prepared correctly.
Any opinion of value (appraisal) prepared by a certified or licensed commercial real estate appraiser for use in planning an estate and in documents filed with the revenue authorities, should be well supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report should demonstrate to the user that the appraisal is well founded, substantiated, and meets with Treasury Regulations and state agency requirements. It is also wise to avoid submitting an appraisal that is more than two years old and one that does not meet other specific IRS guide lines. Additionally, the IRS looks at the accreditation of the appraiser, the rationale of the “Fair Market Value” opinion, the validity of the comparable research, and the overall professionalism of the appraisal report.
Establishing Basis for Estate Planning Purposes
The executor of an estate may choose a date six months after the date of death to determine basis in property. This is because Code Section 2032 allows for alternative valuations, and typically only occurs when there's potential tax savings from claiming higher value on your taxes or real estate settlement plans; meaning that if you're settling during declining markets--you could settle with assets worth less than what they currently sell at market rate!
Retrospective Commercial Valuations
The date of death (effective) often differs from the inspection and appraisal report. As designated experienced real estate appraisers, we are familiar with procedures necessary to perform residential or commercial appraisals that match retrospectively-set effective dates for values only.
Walter Duke + Partners is committed to providing the most accurate and up-to date information possible. We can provide you with history on your property's value over time, which will hopefully be helpful in making an informed decision about what kind of appraisal process would work best for both parties involved!
Avoiding Penalties
Taxpayers should be aware that the valuation they provide may not adhere to IRS guidelines. They could face additional penalties for non-compliance, which can range from 20% - 40%. In order prepare an estate tax appraisal report the government requires you follow specific rules and use appropriate techniques in your commercial appraisals as well.
A proper assessment is crucial when filing taxes or claiming rewards like grants! In some cases, this could mean the difference of whether or not the respondent is required to pay additional estate tax. Moreover, if the estate tax is later challenged in a court of law, the experts at Walter Duke + Partners are qualified to testify as an expert witness on your behalf.
Reviewing the Appraisers Credentials
The professionals at Walter Duke + Partners are among the top-tier of appraisers, with nearly 50 years experience in providing high quality valuations. They carry several designations that assure clients their property will be properly valued by an expert who has proper credentials and educational background needed for this type work - all while completed quickly!
The right kind of person needs to do their research before they start talking about Walter Duke + Partners, because this firm has over 150 combined years in the industry. They have trained and practiced enough so that when it comes time for an appraisal report on your property or assets you will be getting one from professionals who know what they’re doing!
If you're looking for a way to invest in real estate, hiring an appraiser is the best idea. Not only will they give accurate information on how much your home or lot may be worth but also if there are any issues that need repair before selling it at market rate!