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Gift tax: timing of appraisal?

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

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Reply to
George
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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

Reply to
Stuart A. Bronstein

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

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Reply to
A.G. Kalman

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