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  1. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Actually, no I don't quite agree. While I agree that the license helps to establish the person as an expert, in court the entire background of the person is needed to prove him/her an expert. The...
  2. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    Correct, it does. So where an appraisal is legally mandated by state law or where someone like a lender calls for an "appraisal" then a valuation given by someone who is not licensed cannot be...
  3. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    No, it does not. All it says that real estate brokers and and sales persons when providing opinions of valuation must not refer to themselves as appraisers or to their valuations as an appraisal...
  4. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    The weight the court would give to the real estate broker or agent's opinion of the value will depend a lot on the basis for that opinion. The same is true for a written appraisal by a licensed...
  5. Federal Taxes: Re: What Would Be Taxes from Selling a Fixer Upper That My Minor Son Inherited

    We'd need more information to know that there is a stepped up basis. While in most cases that's true, there are some in which it would not be. I'd want to know the details of how the son "inherited"...
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