@Carl wrote:
Generally, if an appraisal was done within the last two years prior to your acquisition, that appraisal will suffice.
Is there any statutory (or other authority) for the above-quoted statement?
I believe two years is far too long, as in the distant past, particularly if the appraisal was done prior to the death of the decedent and/or market conditions have changed.
Section 2032 provides for an alternate valuation date for certain large estates and the time frame is six months after the decedent's death. That particular section most likely does not apply to these facts, but it is illustrative of the fact that a timely appraisal (or valuation) is necessary; two years would not be timely.
Consequently, I would recommend that a date of death appraisal be obtained by a qualified real estate appraiser.
