Is an Appraisal Needed?

It depends on what the gift is. If you plan on gifting any form of real estate, an appraisal is crucial.

Very similar to when selling a property, you will need an appraisal to accurately determine the value of the property you are gifting.

The Main Reason for an Appraisal:

An appraisal is also needed for tax purposes in gifting real estate. It can be used as a charitable gift and can be tax-exempt so you can write it off your taxes owed. But in order to properly valuate the gift, an official appraisal is needed.

Who Should Complete the Appraisal?

Oftentimes it is beneficial to have your appraisal done by an independent appraisal service, such as Spurgeon Appraisals, that is not directly in business with either the party giving the gift or the charity receiving the gift. The appraiser can give an unbiased opinion of value.

CALL SPURGEON APPRAISALS TODAY TO SCHEDULE AN APPRAISAL DURING THE EARLY STAGES OF YOUR GIFT PLANNING TO ENSURE A SMOOTH AND EASY TRANSACTION.

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