Ian Bryzek, CPA
What appraisal records support a lifetime gift of property?
A gift of real estate or hard-to-value property often depended on an appraisal that has since been separated from the deed.
Find the full report, effective date, and any Form 709 attachment that used it.
Later historical appraisals for death-time values answer a different question and should not overwrite the gift-date file.
What to keep with the file
Later historical appraisals for death-time values answer a different question and should not overwrite the gift-date file.
What to do next
Store gift-date appraisals separately from date-of-death valuation reports.
What to gather
- Gift-date appraisal report
- Engagement letter
- Deed or transfer document
- Form 709 attaching the appraisal
- Any revised or updated gift-date valuation
Who usually handles what
- Ian can organize the tax reporting question and the supporting records.
- James Valdez can provide an independent residential fair-market-value appraisal when a supported property value is part of the documentation.
- The executor, trustee, or account custodian supplies records and confirms who has authority to act.
A practical next step
Store gift-date appraisals separately from date-of-death valuation reports.
When a property value is part of the picture
When residential real estate needs a supported fair market value as of a relevant date, an independent appraiser may be part of the documentation process. Ian does not determine fair market value.
Related guides
- Basis for property transferred before death
- Records needed to establish basis
- Step up in basis after death
This is general tax information, not tax or legal advice. Outcomes depend on the documents, ownership, timing, and law that apply to the particular facts.