Besides the gift tax return, which "records" should they have?
Oh and one more thing. A CPA at Turbotax Live Help told me that I could also use the values in the tax assessment records by the state. It's higher than what was in the appraisal. The thing is the appraiser came up with how much the house would realistically sell for, but kept the land value the same as what's in the tax assessment meaning the value of the structure is extremely low. In reality the structure is worth a lot more which the insurance company agrees because they force me to get cover for double what the tax assessors put a value on the structure. What do I do in this case?
If I'm able to at least use the value in the tax records for the structure, I will be able to get a more fair depreciation schedule, but it would mean the total value of the property will be reported higher than what's in the appraisal hence the gift tax return.
