Eagle Home Appraisal Delco
IRS step-up appraisals in Delaware County
A tax-related question about an inherited home often begins with a past date. The appraisal needs to consider the home and market as they were then.
Have your tax adviser identify the relevant valuation date and use, then talk with us about a retrospective appraisal.
Delaware County, Pennsylvania. Share the property address to confirm coverage.
Reconstruct the property, not just its price history.
A retrospective appraisal is more than looking up today's estimate or an old sale. The research must address the property's condition and the market at the agreed effective date.
Get the date from the tax adviser
Tell us what tax or estate question the appraisal will support, who needs the report and the date your adviser has identified. A value for the date an owner passed away may differ from a value for a sale today.
The appraiser develops the property-value opinion for the agreed assignment. Your accountant or attorney determines how that value relates to the tax matter.
Keep evidence of the earlier condition
A house may have been renovated, emptied or damaged between the valuation date and the inspection. Save dated photographs, prior listings, contractor invoices and any records that explain the earlier condition.
Separate work completed before the relevant date from work completed after it. Explain an old kitchen, an unfinished room or repairs that a present-day visit would no longer reveal.
Use the right property and the right period
Chester City and Chester Township are separate entries in the Delaware County municipal directory, even though both list Chester addresses. Give the full municipality and folio number where available, especially if an inherited holding includes multiple parcels.
Relevant sales must be considered in relation to the requested period and the actual property. A countywide figure does not establish the past value of a particular rowhome, twin, condominium or detached house.
Make the request useful to everyone involved
Identify the intended report recipients and share any written instructions from the adviser. Tell us your deadline, available records and who can arrange access. Ask what additional historical information would be useful before sending sensitive material.
Ask about a retrospective appraisal. Include the full property address, the purpose, the date you need valued and your deadline. We will discuss the scope, fee and available timing before work begins.
A few questions that come up.
Can you appraise a home after it has been sold?
Discuss the requested date, property access and available historical evidence. The appraiser must determine whether the proposed scope can support the assignment.
Will the appraisal determine my tax liability?
No. The report addresses property value. Your tax adviser applies the relevant tax rules and determines how the report may be used.
Eagle Home Appraisal Delco