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#1
04-05-2005, 12:00 PM
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 do I need an apprailsal?What is the name of your state?Nevada My husband and I are gifting a peice of property to his father the value is over the 11,000 each that we can give to him, so we are filing a gift tax return, my question is do we need to get and appraisal of the property before we gift it to him so that we know how much to claim on our gift tax return for 2005? (which we would file in 2006 tax time) or is it just a guess at how much the property is worth? Thanks |
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#2
04-05-2005, 07:08 PM
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| The value of the gift is the owner's basis. So you only need to know what you paid for it, plus the cost of any material improvements. Snipes
__________________ This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post. |
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