QUESTION

Probate: Do I need to pay an appraisal company to establish a basis for an inherited home and acreage for probate court?

Asked on Mar 29th, 2012 on Wills and Probate - Idaho
More details to this question:
I am the PR of my fathers estate. I have made an inventory of his assets and assigned an approxiamate value. Tools, furniture, autos, etc. In 2009 at the time of his passing a realitor did a walk through and said she could sell it for $800,000. If I get the Broker to write a statement of value will that suffice for the probate court? Or do I need an appraisal from an accredited appraisal company? The attorney wants to use the county tax value of $200,000 as the value. If I sell it the capital gains will be huge even at the current deflated market value. Thanks for your help.
Report Abuse

1 ANSWER

You may be talking about different things so talk to your attorney more closely.  What you are talking about, I believe, is your basis for income tax purposes. This would best be established by a licensed appraiser and they can give you a historic appraisal. Probably cost you $400 or $500.  You might supply the appraiser with the Realtor's estimate to help them give you the highest value possible so your income tax basis is the highest possible.  The attorney might be talking about valuation for probate or maybe for property tax purposes. For example, here in California there are rules allowing transfer of real estate from a parent to child without changing the property tax basis. The amount that can be transferred is the decedent's personal residence plus one million of of other assets at their assessed value. Maybe there is something like that where you live.  In the end if you don't feel your attorney is doing what you think they should interview a couple more attorneys to make sure you really have hired an expert. There are enough good attorneys out there that a client should never suffer with one who is not! To clarify, I am not saying your attorney is doing anything wrong. I am just saying you should investigate to make sure you are getting the best advice! Good luck.  -John
Answered on Mar 30th, 2012 at 10:51 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters