#1 - Is an Appraisal required?
instructions indicates we need to provide “Either a qualified appraisal or a
detailed description of the method used to determine the fair market value
of the gift.” , however, we've received varying opinions on necessity of an appraisal? and if we do proceed with appraisal from a qualified appraiser, can a limited one (only difference is they don't take interior measurements) acceptable
#2 - Cost basis calculation? verify whether this is correct? we have no passive losses.
original sales cost
+ seismic improvments
- depreciaton
= adjusted sales cost
#3 - mortgage - at time of gift, $1.5 MM property has $1MM mortgage, do we deduct the mortgage to arrive at the gift amount??
