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"I found out about AppraiseItNow online, and decided to proceed with an appraisal. Very responsive, professional, and great quality. I am well pleased! Thank you!"
Tiffany C.
"AppraiseItNow helped me get through the probate process with a personal property appraisal. I was thrilled to do the whole process over Zoom, and the final report was completed faster than I expected!"
Thomas M.
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"I have been purchasing antiques for years. I met with an appraiser over Zoom, and he identified and valued my antiques with ease. It was a great experience that saved me a lot of headaches!"
William F.
Appraisals for Gift or Estate Tax, Anywhere in the US
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What is Gift or Estate Tax?
Gift or Estate Tax is a tax applied to any money or property given away as gifts during someone’s lifetime or through their estate. The taxes are paid by the donor, in some cases are paid by the beneficiary, and in other cases are paid by the estate. The tax can be applied to any transfer of money or property above a certain amount and can take different forms. Depending on the type of tax and where the transfer takes place, the tax can be federal, state, or local. Typically, any transfer of money or property above a certain amount will need to be reported on tax returns so that the appropriate taxes can be collected. The taxes are used to help governments provide essential services and to help maintain a healthy economy. When seeking an appraisal, it is important to understand Gift or Estate Tax and how it might influence the value of a property.
Why do I need an appraisal for Gift or Estate Tax?
If you are gifting or leaving property behind for your heirs after you die, an appraisal of the property is required to determine its fair market value for estate tax purposes. This provides you with an accurate assessment of the property before entering into any gift or estate agreements. Knowing the exact value of the property can help you plan for your estate accordingly and minimize any liabilities. Having an appraisal also verifies that the valuation is eligible for an exemption from federal estate and/or gift taxes. Appraisals are especially important if you are gifting valuable real estate, artwork, antiques, a business or other high-value assets. Additionally, if you are splitting an asset such as a family business, an appraisal can help you and your heirs decide on the most equitable way to divide ownership. An appraisal can also give comfort to the recipient of a gift that the property is worth its accepted value, helping ensure fair treatment between all circumstances. Ultimately, an appraisal helps to protect you and your estate from any potential disagreements or challenges by interested parties. *Please note that AppraiseItNow does not provide tax advice*
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