George wrote:

- quote -

The value as of the date of transfer. Just tell the
appraiser to use last spring values. In addition, as this
was a gift, make sure that your parents provide your brother
with all the documentation that contains the adjusted cost
basis at the time of the gift.

--
Alan
http://taxtopics.net

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George <gbeccles[at]gmail.com> wrote:

- quote -

They can get it appraised now, and the appraisal should be
calculated as of the date the property was transferred.
Appraisers do that all the time, so it's no problem.

Stu

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Last spring, my parents gave my brother title to some
property. At the time, they thought that they didn't need
to do anything WRT the gift tax, because the value was
("obviously") less than the 'lifetime exclusion' (I think
that's the right phrase). Now, they find that they
apparently have to file the form anyway, and (surprise)
document the valuation.

Can they just get it appraised now (2/07), and use that, or
does something have to be done to determine the value as of
the date of the transfer?

TIA,
George

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >