|
Posted by Drew on April 5, 2008, 11:28 am
Please log in for more thread options
> blaha@triad.rr.com wrote:
> ...
>> Your right - it may not be worth getting into it with the
>> appraiser.
>> We are over the exclusion limit, so ther will be a tax
>> bill to pay.
>> To that extent, there is a desire to reduce the tax bill,
>> but it's a
>> smuch the principle of the situation as anything else.
>> I've got a set
>> of Civil War books, the appraiser says is worth $1500. I
>> can see the
>> same set on eBay for $250. I don't have the time or
>> inclination to
>> find this elusive market where people will pay $1500 for
>> these books,
>> but it seems I'm really at the mercy of the appraiser for
>> the value.
>> No, I don't believe he has any vested interest in pricing
>> them too
>> high. In all, it seems we could challenge maybe $3 - $4K
>> in value,
>> saving 45% in taxes. Not a significant amount as far the
>> whole estate
>> is concerned, but the $1500 or so in savings is a pretty
>> good hourly
>> wage for me if it can be saved.
> ...
> Don't see why you're hostage to the appraiser if you have
> valid other data (how comparable the eBay listings are to
> what you have would be at least one question as previously
> noted), but he has an opinion; you have an opinion.
>
> The executor should be able to decide whose data to use in
> compiling the information for the estate return--don't see
> there's any reason you would have to use the appraiser's
> figures alone.
>
> Again, whether there's sufficient to be saved for the
> trouble is another call.
If the estate is going to use a different number than the
appraiser's then they should file a form 8275 indicating it
is taking a position contrary that has less than a 1/3
chance of being upheld. On the one hand the IRS and the
court has a qualified appraiser with a qualified appraisal.
On the other it has a page from eBay with no information on
how knowledgeable the eBay seller is, what it will
ultimately sell for, the comparable conditions of the
appraised items, etc. One data point on eBay and a wealth
of experience on the other. Who do you think the IRS and
the Courts will believe. To overcome the appraiser I think
you need another appraiser to come in. Not worth the fees I
would think. Also not worth it to file the form 8275. I am
not saying the appraiser is right, we all make mistakes, but
an eBay auction is insufficient data to overcome a qualified
appraisal.
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap