"Larry" <Larry[at]larry.com> wrote:

- quote -

find an appraiser familiar with the area. He or she will
likely have had to do similar appraisals in the past.
another reason to hire a third-party expert is in case you
are audited. Relying on a professional will shield you from
most issues.

Gary

--
The above address is fake. If you want to contact me
directly, please send an e-mail to: gary at gdgoodman dot com.

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Larry wrote:

- quote -

We're talking BASIS here, not assessments, appreciation, or
selling price. Basis is what you paid for the property (6
years ago?) plus any capital improvements you may have added
in the interim. Any competent appraiser should be able to
give you a "historical" appraisal for the type of property
you are offering for sale, based on other parcels sold on
this lake. I'm sure the actual answer is not merely 1/36 of
the total property, but that is a starting point - with
extras for buildings and the lakefrontage.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I have 18 acres of land with 276' of lake front and a few
buildings. I am selling 1/2 acre with 50' of lake front to
my neighbor.

There would be a significant capital gain on this (my
assessment has tripled in 6 years), but no real way to
determine the basis of that particular section. The
buildings and land have not appreciated much; the added
value is all in the lake front.

I could come within 20% by assigning values to the
buildings, the land, and the lake front and figuring the
percentage of each I am selling; but it would pretty much be
a guess. Is 20% close enough? If not, what would I have to
do? (I know, hire an appraiser, but he is not likely to be
any more accurate than me... There is just not enough
similar property on the lake to get accurate appraisals.)

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >