The gift tax return is only a one time thing and quite simple. That is, no skip persons and, the person who gifted the property has never and in all likelihood will not gift again. The value of the property is under $500,000.00. For those reasons we do not mind using a realtor's fmv. Notwithstanding the value will be inflated. Again, will the IRS ALLOW a realtor's FMV in lieu of an appraiser's ? Thanks for your help!
