Estate and IRS Form 706 Appraisals

Date-of-Death and Retrospective Valuations

Federal estate tax reporting requires accurate, well-supported real property valuations that reflect market conditions as of a specific historical date. Gatsby Appraisal provides retrospective valuation services prepared for IRS Form 706 filings, probate matters, and trust administration.

With over 22 years of appraisal experience and extensive work involving complex and unique properties throughout Los Angeles County, Gatsby Appraisal delivers defensible, well-documented reports designed to withstand professional, regulatory, and legal review.

What Is an IRS Form 706 Appraisal?

An appraisal prepared for an IRS Form 706 establishes the Fair Market Value of real property as of the date of death. These valuations are used for federal estate tax reporting and may be reviewed by attorneys, accountants, trustees, or the Internal Revenue Service (IRS).

Unlike standard real estate appraisals, these assignments require retrospective analysis, historical market research, and enhanced documentation to support the value conclusion.

When Estate Appraisals Are Required

Estate and retrospective valuations are commonly required for:

  • Federal estate tax reporting (IRS Form 706)

  • Probate proceedings

  • Trust administration

  • Step-up in basis documentation

  • Estate settlement and asset distribution

  • Gift tax reporting

  • Litigation or dispute resolution involving real property

Gatsby Appraisal works closely with estate planners, trustees, attorneys, and fiduciaries to provide timely and credible valuation services.

A Defensible Approach to Retrospective Valuation

Appraisals prepared for estate and IRS reporting must be well-supported and capable of withstanding scrutiny. Reports prepared by Gatsby Appraisal are developed with a strong emphasis on:

  • Retrospective market analysis

  • Clear support for adjustments

  • Accurate historical market reconstruction

  • Thorough documentation of comparable sales

  • Logical and defensible value conclusions

Many estate assignments require reporting standards similar to those used in expert witness and litigation support work, where clarity, support, and professional credibility are essential.

This disciplined approach allows reports to stand confidently under review, whether by legal professionals, tax authorities, or financial advisors.

Experience with Unique and Complex Properties

Estate assignments often involve properties that are not typical or require careful analysis. Gatsby Appraisal has extensive experience evaluating:

  • Unique residential properties

  • Properties with accessory units or guest houses

  • Older homes with additions or permit complexity

  • Estate properties with deferred maintenance

  • Multi-parcel residential holdings

  • Properties with development or subdivision potential

  • Properties requiring retrospective market analysis

Experience with unique property types allows for accurate interpretation of market reaction and appropriate support of value conclusions.

Reporting Standards and Professional Qualifications

All appraisals are prepared in compliance with:

  • Uniform Standards of Professional Appraisal Practice (USPAP)

  • Federal estate reporting requirements

  • Accepted real property valuation methodology

Stephanie Goralski, Chief Appraiser of Gatsby Appraisal, brings more than two decades of valuation experience across a wide range of residential property types throughout Los Angeles County.

Reports are prepared with careful attention to documentation and clarity, reflecting professional standards consistent with assignments that may be subject to regulatory or legal review.

Service Areas

Gatsby Appraisal provides estate and retrospective valuation services throughout:

  • Los Angeles County

  • San Fernando Valley

  • West Los Angeles

  • Santa Monica

  • Pasadena

  • Glendale

  • Altadena

  • Malibu

  • Surrounding communities

Scheduling and Turnaround

Inspection scheduling is coordinated promptly upon engagement acceptance. Retrospective estate appraisal reports are typically completed within established timelines based on property complexity and research requirements.

Expedited service may be available when necessary.