Discussion:Life Estate - Inherited land at death - Professional appraisal of land 3 months after death
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| Revision as of 02:33, 8 February 2009 Riley2 (Talk | contribs) (Assuming that th) ← Previous diff |
Revision as of 13:22, 8 February 2009 Taxtamer (Talk | contribs) (Agree with Riley) Next diff → |
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| {{ForumReplyPost|UserID=Riley2|Date=8 February 2009|Text=Assuming that there was no zoning application pending at the time of death, the denial of a zoning application submitted 3½ years after death would ostensibly have no bearing on the date of death valuation.}} | {{ForumReplyPost|UserID=Riley2|Date=8 February 2009|Text=Assuming that there was no zoning application pending at the time of death, the denial of a zoning application submitted 3½ years after death would ostensibly have no bearing on the date of death valuation.}} | ||
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| + | {{ForumReplyPost|UserID=Taxtamer|Date=8 February 2009|Text=Agree with Riley. The appraisal in 2005 established DOD value & basis.}} | ||
Revision as of 13:22, 8 February 2009
Discussion Forum Index --> Advanced Tax Questions --> Life Estate - Inherited land at death - Professional appraisal of land 3 months after death
Discussion Forum Index --> Tax Questions --> Life Estate - Inherited land at death - Professional appraisal of land 3 months after death
| 8 February 2009 | |
| 40 acres of land was deeded to the son in 1997 with father retaining a life estate. Father died in Sept, 2004. An appraisal was completed in early January, 2005. The 40 acres of land from the life estate,in addition to 8.75 acres of land still held in the father's name until his death for a total of 48.75 acres, was valued at $600,000 by the appraisal. Sometime before the sale in early 2008, a request for subdivision was made before the County Commission. The request was denied, which squashed the selling price from approximately $14,000 per acre to $8,891 per acre. Since the County Commission's action could not have been known or anticipated at the time of the appraisal, I believe that that the cost basis should remain at $12,307 per acre ($600,000 / 48.75 acres). Am I correct or is there something I am not thinking about? I really need your help. Thanks very much for looking at this. | |
| 8 February 2009 | |
| Agreed. It is unlikely that anyone could have anticipated this chain of events in 2004 | |
| 8 February 2009 | |
| If the appraisal was based on subdivided value I would disagree. | |
| 8 February 2009 | |
| Assuming that there was no zoning application pending at the time of death, the denial of a zoning application submitted 3½ years after death would ostensibly have no bearing on the date of death valuation. | |
| 8 February 2009 | |
| Agree with Riley. The appraisal in 2005 established DOD value & basis. | |
