NEW YORK CITY · ESTATE ATTORNEYS · CPAs · FIDUCIARIES
Estate Tax Appraisals for IRS Form 706 and Date-of-Death Valuations
Defensible real-estate appraisals for estate-tax reporting, probate, trusts, and estate administration—backed by more than 30 years of valuation experience.
REIS Group provides independent, USPAP-compliant appraisals of residential and commercial real estate. Our reports support attorneys, CPAs, executors, trustees, and families who need an appraisal for estate tax purposes, including documentation for IRS review.
30+ years of valuation experience · USPAP-compliant reporting · Residential, commercial, co-op, condominium, and partial-interest appraisals
Who Needs an Estate Tax Appraisal?
An estate-tax appraisal may be needed when real estate must be valued as of the date of death, an eligible alternate valuation date, or another relevant effective date for estate administration or tax reporting.
- Executors and administrators settling an estate
- Estate-planning and probate attorneys supporting Form 706 filings
- CPAs and tax preparers requiring supported property values
- Trustees and fiduciaries administering real-estate holdings
- Families distributing inherited residential, commercial, or mixed-use property
- Owners of fractional interests, co-op shares, and complex ownership interests
- Attorneys responding to IRS valuation questions or examinations
When Is an Estate Tax Appraisal Needed?
- IRS Form 706: Real-estate valuation support for the federal estate-tax return.
- Date-of-death valuation: A retrospective opinion of fair market value as of the decedent’s date of death.
- Alternate valuation: Appraisal support when the executor makes an eligible election. Ask your estate attorney or CPA to confirm eligibility and the applicable valuation date.
- Probate and estate administration: Documentation for fiduciary accounting, beneficiary distributions, and court-related matters.
- Partial interests: Analysis of fractional ownership and the specific property rights being appraised; a discount is not automatic.
- IRS review: Independent valuation evidence and follow-up support within the agreed scope of work.
- Related charitable-gift assignments: Appraisal support for certain noncash contributions reported on Form 8283, a separate purpose from estate-tax reporting.
What Is Included in an Estate Tax Appraisal?
The scope of work reflects the property, ownership interest, intended use, and reporting requirements. A report may include:
- Identification of the property and property rights appraised
- The effective date of value, including a retrospective date where appropriate
- Relevant market analysis and comparable-sales evidence
- Highest-and-best-use analysis where applicable
- Reconciliation of the analyses and a final opinion of value
- Supporting photographs, maps, exhibits, and market data where appropriate
- Appraiser qualifications, certification, assumptions, and limiting conditions
- A clear narrative for attorney, fiduciary, and tax-professional review
Why Attorneys and Fiduciaries Choose REIS Group
For more than three decades, REIS Group has provided independent valuation services for residential and commercial real estate. We work with attorneys, CPAs, trustees, executors, and families, with a focus on well-supported reporting, discretion, and clear communication.
Based in New York, we address assignments involving co-ops, condominiums, brownstones, mixed-use buildings, commercial property, and complex ownership structures. Assignment fees and timing depend on complexity and scope; we discuss these before engagement.
Explore our Trust & Estate Appraisals and Partial Interest Appraisals services.
Our Estate Tax Appraisal Process
- Initial consultation: Review the property, valuation date, ownership structure, purpose, and deadline.
- Engagement and inspection: Agree the scope of work, collect records, and inspect the property where appropriate.
- Analysis and reporting: Analyze relevant evidence and prepare a USPAP-compliant appraisal with a supported opinion of value.
- Delivery and support: Deliver the report and answer follow-up questions within the engagement scope.
Estate Tax Appraisal FAQs
What is an estate tax appraisal?
An estate tax appraisal establishes an opinion of fair market value for the specified real-estate interest as of the relevant effective date, supporting estate-tax reporting and administration.
Do I need an appraisal for IRS Form 706?
A supported appraisal is commonly needed when real estate is reported on Form 706, particularly when its value is material to the filing. Your estate attorney or CPA should determine your filing and documentation requirements.
What is a date-of-death appraisal?
It is a retrospective appraisal estimating fair market value as of the decedent’s date of death, rather than the date the report is prepared.
Can REIS appraise a partial interest in inherited property?
Yes. REIS Group evaluates fractional ownership and other complex real-estate interests. The analysis depends on the specific rights, restrictions, and market evidence.
Do you work with estate attorneys and CPAs?
Yes. REIS Group works with attorneys, CPAs, fiduciaries, trustees, executors, and families who need independent valuation support.
How long does an estate-tax appraisal take, and what does it cost?
Timing and fees depend on property type, assignment complexity, ownership structure, available information, and deadlines. Request a consultation to discuss scope, pricing, and timing.
Estate Appraisal Preparation Checklists
Executor’s estate appraisal document checklist
Start with the property address, your role, the appraisal purpose and the valuation date requested by your attorney or CPA. You do not need every document before discussing the assignment with REIS Group.
Identify the assignment
- Property address, borough and unit number, if applicable.
- Property type: co-op, condominium, townhouse, mixed-use, commercial or other.
- Estate administration, tax reporting or another identified purpose.
- Requested valuation date and delivery deadline; mark either “not yet confirmed” if needed.
- Whether the assignment concerns the whole property or an ownership share.
Gather available records after scope is discussed
- Deed or, for a co-op, share and proprietary-lease information.
- Floor plans, surveys and property descriptions, if available.
- Photographs and records describing condition at the requested valuation date.
- Dates and descriptions of renovations, damage or major repairs.
- For rented property: available leases, rent rolls and operating records relevant to the valuation date.
- Inspection-access contact and known access restrictions.
Tell us which records are missing. Do not substitute today’s condition or rent for historical information without identifying the difference.
Next step: Discuss the property, valuation date and deadline through REIS Group’s estate-tax appraisal service.
Do not upload tax returns, Social Security numbers or confidential estate records through the initial inquiry form. Ask how relevant documents should be shared. This checklist is preparation guidance, not a universal document requirement or legal or tax advice.
Attorney/CPA appraisal engagement checklist
Define the appraisal problem before commissioning the report. For an estate-tax assignment involving Manhattan or other New York City real estate, use this checklist to prepare instructions for REIS Group.
Confirm the parties and purpose
- Identify the proposed client, authorized instructing party, intended users and principal contact.
- State the intended use: estate-tax reporting, estate administration, gift-tax reporting or another specific purpose.
- Identify the property and the interest to be valued: whole property, fractional real-estate interest or another specified interest.
- Distinguish a real-estate interest from an interest in an entity holding real estate; discuss the appropriate valuation scope.
Define dates and deliverables
- Specify the requested effective date of value; identify any additional dates requiring separate analysis.
- State the delivery deadline and any known filing, court or review timetable.
- Confirm report recipients, format and any identified reporting requirements.
- Discuss whether follow-up responses, testimony or appraisal review are needed and included in the engagement.
Resolve scope before work begins
- Identify available records, inspection access, unusual property rights and known information gaps.
- Agree scope, fee, timing, document-sharing arrangements and responsibilities in the written engagement.
- Identify assumptions or limitations requiring discussion; do not prescribe a desired value or automatic discount.
Next step: Discuss the proposed assignment through REIS Group’s estate-tax appraisal service.
Counsel and the tax adviser determine filing obligations and valuation elections. REIS Group’s appraisal addresses the agreed valuation purpose; it does not guarantee a tax result or IRS acceptance. Do not send confidential records through the initial inquiry form.
Retrospective property appraisal preparation checklist
A retrospective property appraisal addresses value as of a past effective date. That date is not necessarily the inspection date or the date the report is prepared. The task is to support the property’s relevant characteristics and market context at the requested date—not simply apply today’s value to an earlier year.
Confirm the date and interest
- Identify the property, ownership interest and intended use.
- Ask your attorney or CPA to confirm the valuation date needed for the matter.
- Flag uncertainty about the date before the assignment is agreed.
Build a dated property history
- Assemble dated photographs, floor plans, listings and descriptions available from the relevant period.
- List renovations, changes in layout, damage, repairs and changes in occupancy; distinguish events before and after the effective date.
- For income-producing property, identify leases, rent rolls, vacancy and operating records relevant to that period.
- Identify changes in ownership rights or restrictions that require review.
- Note who has first-hand knowledge and which statements are supported by documents.
Explain gaps without filling them in
- Separate what is known, what is recalled and what cannot be verified.
- Identify current access options and how present condition differs from historical condition.
- Tell the appraiser about later sales or later records; the appraiser determines their relevance to the assignment.
Next step: Discuss your past-date estate assignment through REIS Group’s estate-tax appraisal service.
Available evidence and assignment complexity affect scope and timing. Historical records do not guarantee that an assignment is feasible or that a particular value can be supported. Ask about document-sharing arrangements before sending confidential material. This checklist is not legal or tax advice.
Prepare for Your Estate Tax Appraisal Consultation
To help us discuss the appropriate scope, fee and timing, please provide:
- Property address and property type.
- Your role and the intended use of the appraisal.
- The valuation date requested by your attorney or CPA.
- Whether the assignment concerns the whole property or an ownership interest.
- Your required completion date.
If a detail is not yet known, tell us what you need help clarifying. Do not send tax returns, Social Security numbers or confidential estate documents through the inquiry form.
Request an Estate Tax Appraisal Consultation
Tell us about the property, valuation date, and deadline. REIS Group will review your assignment and discuss the appropriate scope of work.
Call 212-213-2035 or email ddaly@reisgroup.us.com.
Please do not submit Social Security numbers, tax returns, or confidential estate documents through this form. This page provides general appraisal information, not legal or tax advice. Consult your estate attorney or CPA about filing obligations and valuation elections. No specific appraisal value, tax outcome, or IRS acceptance is guaranteed.