What Is an IRS Appraisal

Real estate IRS appraisals determine the fair market value of a property for tax purposes. A licensed appraiser assesses the property and compares it to similar properties in the area. It's essential to understand your tax obligations, deductions, and credits as a property owner to avoid legal and financial consequences. Gifting properties may also come with tax implications, so it's important to consult a licensed appraiser or tax professional for guidance.