706 Estate Appraisals LLC Frequently asked questions

Do I need an appraisal for form 706?

If the gross estate exceeds the federal filing threshold for the year of death, a Form 706 estate tax return is generally required, and the executor must report the fair market value of each asset. A qualified appraisal helps substantiate those values and support the return in the event of IRS review or questions from beneficiaries.

What types of assets do you appraise?

706 Estate Appraisals LLC focuses on assets commonly reported on Form 706, including tangible personal property, household contents, collections, and select interests in closely held businesses or entities. For real estate, we coordinate with vetted, geographically local real estate appraisers across the United States who meet IRS expectations for a qualified appraiser and understand their local markets.

This team-based approach gives the estate a single point of contact while still leveraging local market expertise for each property.

How is "fair market vale" determined for estate tax purposes?

For estate tax, fair market value is generally the price at which the property would change hands between a willing buyer and a willing seller, both having reasonable knowledge of relevant facts and neither under compulsion to act, as of the valuation date. I apply this standard using comparable sales, market data, and accepted valuation methodologies tailored to the specific asset type.

The results are documented in a written report designed to support the figures reported on Form 706.

What is the difference between the date of death and the alternate valuation date?

The date of death is the default valuation date for estate tax reporting. In some cases, the estate may elect an alternate valuation date, generally six months after the date of death, subject to specific rules for assets sold or distributed sooner.

Choosing between date-of-death and alternate valuation can affect reported values and the overall estate tax calculation, so that decision should be made with your tax advisor.

Why does the IRS care about having an appraisal?

The IRS expects estates that file Form 706 to report fair market value for each included asset and be able to support those values with records and, when appropriate, expert appraisals. A detailed appraisal from a qualified professional helps demonstrate that the values were determined in good faith using recognized methods rather than estimates or guesses.

This can reduce the risk of disputes, adjustments, or penalties related to undervaluation or inadequate documentation.

How can I get started

You can get started by submitting an inquiry through the website or contacting me directly using the phone or email listed on the site. I will review your needs, confirm whether an appraisal is appropriate, and outline the next steps so we can move forward efficiently toward your Form 706 filing date

How long does the appraisal process take?

Timing depends on the number and type of assets, access for inspections, and the estate’s filing deadlines, but most standard assignments are completed within a defined timeframe agreed upon at engagement. For estates working against Form 706 due dates, I prioritize clear scheduling and regular updates so there are no surprises. 14 to 30 business days for low to mid content density.

Rush options may be available in certain circumstances, depending on scope and complexity.

What will I receive at the end of the engagement?

You will receive a written appraisal report stating the effective valuation date, describing the assets appraised, explaining the methods used, and presenting final opinions of value. The report is formatted so your attorney or CPA can readily reference it when preparing Form 706 schedules and related filings.

Reports are delivered electronically by default, with hard copies available on request.

Can you work directly with my attorney or CPA

Yes. Many of my assignments are initiated or coordinated by attorneys and CPAs, and I welcome direct communication with your advisory team. With your permission, I can share reports and supporting documents directly with them to streamline the estate tax preparation process.

Collaboration early in the engagement helps ensure the scope and timing of appraisal work align with your overall estate strategy and deadlines.

How much do estate tax appraisals cost

Fees depend on the type and number of assets, the complexity of the assignment, the amount of research required, and any rush deadlines. After a brief discovery call or email review of your situation, I provide a clear proposal outlining fees, scope of work, and expected delivery time before you commit.

There are no surprise charges; any change in scope is discussed and approved in advance.