Estate Planning and Taxes
Whether you are planning the division of your estate, or needing to file estate taxes after the death of a loved one, an appraisal is a necessary part of the process. Spurgeon Appraisals has often assisted these processes with our own valuation services.
The IRS requires an appraisal to file estate taxes. Though this may seem like yet another expense, the cost of an appraisal can actually be deducted from estate tax returns. Also, having an appraisal can provide you with a defense in case you are audited by the IRS. All you need is an experienced appraiser to provide you with a credible value, and Spurgeon Appraisals has helped many clients with this process.
Estate planning and property division can also be greatly assisted by appraisal work. Having an independent valuation allows you to know the value of your property before you divide it. Larger farms can even be appraised in separate tracts to see the value of the parts, which can be very useful in allotting the tracts to your heirs. The appraisal can also help attorneys create estate plans to maximize tax benefits. At the same time, your heirs will know the worth of what they have inherited, so they will be able to measure how its value increases over time. And again, the cost of an appraisal for estate planning can sometimes be deducted from tax returns.
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