Frequently Asked Questions — Jensen-Appraisal.com

Frequently Asked Questions:

I’m getting a divorce. Do I have to get an appraisal?

The short answer is no. However, in contentious situations, an appraisal provides a professional’s neutral, third-party opinion of your property’s market value. Divorce proceedings are stressful enough already - having an opinion of value from a qualified expert can alleviate unnecessary disagreements and confrontation.

Can getting an appraisal save me money?

It can! For example, when a person inherits property [MIGHT BE ONLY THE SPOUSE], he/she can save money on future capital gains taxes by getting a Step-Up in Basis appraisal. Example: Jack inherits his mother’s house when she passes. Jack’s parents purchased the house in 1948 for $17,500 and it’s been paid off for decades. Jack decides to sell the house five years after he inherits it and it sells for $1.5 million. Without a Step-Up in Tax Basis Appraisal, Jack will pay taxes on $1,482,500 (1,500,000 - 17,500). A Step-Up in Basis Tax Appraisal would have given him an opinion of market value as of the date of his mother’s passing. We’ll say that appraisal came in at $1,000,000. Now, Jack will only be paying taxes on $500,000. (1,500,000 - 1,000,000).

Is there anything I should do to have my house ready for an appraisal?

The

FAQs -

I’m getting a divorce. Do I need an appraisal?

An appraisal provides a neutral third-party opinion of the market value of your property. Having an opinion of value from a qualified expert can provide a common starting point for navigating stressful negotiations.

My siblings and I just inherited property and I’d like to buy them out, but we can’t agree on a fair price?

Family inheritance issues can be complicated. An appraisal provides a neutral opinion of market value for assisting in fair negotiations between family members.