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<div dir="ltr" data-setdir="false">I agree with the other posting members. My rule of thumb is if </div><div dir="ltr" data-setdir="false">estate taxes are implicated, get a formal appraisal.</div><div><br></div>
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On Thursday, September 15, 2022 at 11:04:20 AM PDT, Philip N. Jones <pjones@duffykekel.com> wrote:
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<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">To me, the question (or rather the answer) is what the WDOR will accept on an estate tax return.</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Anecdotal evidence suggests that the WDOR might accept a BPO on a first-to-die no-tax-due return, but they generally do not accept a BPO on a second-to-die tax-due return.</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Can anyone else comment on this? What has your experience been? Is my anecdotal evidence half-baked?</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">What other purposes might you use a BPO for in an estate? Dividing the assets among family?</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">(When getting a BPO, be sure to insist on an opinion of what the property would have SOLD for on the date of death, not what the broker would have listed it for. It is
often difficult to get brokers to understand that estate tax concept.)</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">And of course, I agree with those who say that if you will be selling the property promptly after death, then the selling price is the gold standard for valuation, assuming
it was sold on the open market to a unrelated third party after a reasonable listing period. But even that can be a bit tricky at times. Down here in Oregon, the real estate market was hotter than a pistol for the last three years or so, then early this
year it started cooling and actually declining, perhaps by 10%. I believe it is still declining as we speak. If Dad died in February, and we sold the house in September, perhaps the WDOR would question whether the September sales price was the February value.
Of course, with the stock market following a similar path, it’s time to consider an alternate valuation date election.</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Phil Jones</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;"> </span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;"> </span></p>
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<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Philip N. Jones</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Duffy Kekel LLP</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">900 S.W. Fifth Ave. Suite 2500</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">Portland, OR 97204</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;"><a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:pjones@duffykekel.com" target="_blank" href="mailto:pjones@duffykekel.com"><span style="color:#0563C1;">pjones@duffykekel.com</span></a></span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">(503) 226-1371 – office</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">(503) 853-1482 – cell</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;">(503) 226-3574 - fax</span></p>
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<p class="yiv7641875660MsoNormal"><span style="font-size:14.0pt;font-family:New serif;"> </span></p>
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<p class="yiv7641875660MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>sdonahue@sdonahuelaw.com<br clear="none">
<b>Sent:</b> Thursday, September 15, 2022 9:49 AM<br clear="none">
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br clear="none">
<b>Subject:</b> Re: [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries</p>
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<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">I’ve used a BPO on a couple of occasions with no blowback. If there is some objection, you can always do the full appraisal after that.</p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">Good luck,</p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">Susan</p>
<p class="yiv7641875660MsoNormal"> </p>
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<p style="" class="yiv7641875660MsoNormal"><b><span style="font-size:13.0pt;">SUSAN DONAHUE</span></b><b><span style="font-size:12.0pt;"></span></b></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">Law Office of Susan Donahue</span></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">125 West 2<sup>nd</sup> Avenue, Suite “B”</span></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">P.O. Box 81</span></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">Twisp, WA 98856</span></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">(509) 996-5944 (phone)</span></p>
<p style="" class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;">(509) 362-9692 (fax)</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;font-family:New serif;"><a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:sdonahue@sdonahuelaw.com" target="_blank" href="mailto:sdonahue@sdonahuelaw.com"><span style="font-family:sans-serif;color:blue;">sdonahue@sdonahuelaw.com</span></a></span></p>
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<p class="yiv7641875660MsoNormal"> </p>
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<p class="yiv7641875660MsoNormal"><b>From:</b> <a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Diane J. Kiepe<br clear="none">
<b>Sent:</b> Thursday, September 15, 2022 8:09 AM<br clear="none">
<b>To:</b> WSBA Probate & Trust Listserv <<a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br clear="none">
<b>Subject:</b> Re: [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries</p>
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<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;font-family:New serif;">Michael,</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;font-family:New serif;"><br clear="none">
I have used (and others in my firm) a BPO on more than one occasion.</span></p>
<p class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;font-family:New serif;"> </span></p>
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<p class="yiv7641875660MsoNormal"><i><span style="font-family:MT;">Diane J. Kiepe</span></i></p>
<p class="yiv7641875660MsoNormal"><i><span style="font-family:MT;"> </span></i></p>
<p class="yiv7641875660MsoNormal">Diane J. Kiepe</p>
<p class="yiv7641875660MsoNormal">Douglas Eden</p>
<p class="yiv7641875660MsoNormal">717 W. Sprague Ave.</p>
<p class="yiv7641875660MsoNormal">Suite 1500</p>
<p class="yiv7641875660MsoNormal">Spokane, WA 99201</p>
<p class="yiv7641875660MsoNormal"><a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:djkiepe@depdslaw.com" target="_blank" href="mailto:djkiepe@depdslaw.com">djkiepe@depdslaw.com</a></p>
<p class="yiv7641875660MsoNormal">509-455-5300</p>
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<p class="yiv7641875660MsoNormal"><span style="font-size:12.0pt;font-family:New serif;"> </span></p>
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<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in;">
<p class="yiv7641875660MsoNormal"><b>From:</b> <a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b><a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:msafren@jennylinglaw.com" target="_blank" href="mailto:msafren@jennylinglaw.com">msafren@jennylinglaw.com</a><br clear="none">
<b>Sent:</b> Wednesday, September 14, 2022 9:13 PM<br clear="none">
<b>To:</b> 'WSBA Probate & Trust Listserv' <<a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:wsbapt@lists.wsbarppt.com" target="_blank" href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br clear="none">
<b>Subject:</b> [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries</p>
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<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">Hello Fellow Listservs,</p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">I wanted to ask your collective opinions and experiences on whether a Broker Price Opinion (BPO) was sufficient support to document the value of real estate (as of the date of decedent’s death) for the step up in basis for estate beneficiaries
or if you think that a full on appraisal by a licensed appraiser was needed instead of the BPO.</p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">The PR is selling real estate owned by the estate, but did not want to bear the expense and delay of the appraisal if it could be avoided and a BPO substituted to establish the value of real estate for purposes of obtaining the step up
in basis valuation for the property for tax purposes. </p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal">Thank you all in advance!! </p>
<p class="yiv7641875660MsoNormal"> </p>
<p class="yiv7641875660MsoNormal"><span style="color:black;">Warmest regards,<br clear="none">
<br clear="none">
</span><b><span style="font-size:12.0pt;color:purple;">Michael S. Safren, Esq.</span></b>
<b><br clear="none">
</b><i>Attorney at Law</i> <br clear="none">
<br clear="none">
14900 Interurban Ave. S., Ste. 280 | Seattle, WA 98168 <br clear="none">
11900 NE 1st St., Bldg. G - Ste. 300 | Bellevue, WA 98005 <br clear="none">
P: (206) 859-5098 | E: <a rel="nofollow noopener noreferrer" shape="rect" ymailto="mailto:msafren@jennylinglaw.com" target="_blank" href="mailto:msafren@jennylinglaw.com">
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