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Tax Law (Questions About Taxes)/inheritance tax
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Question
We need to have a gun collection appraised for the IRS for inheritance tax. Can anyone do it or must it be a licensed dealer.
You need to use a qualified and experienced appraiser. Look at the appraisal as your insurance policy to establish the value. If the appraiser is not qualified, it can be more easily challenged by the IRS. Just because they have a license does not always make them qualified. Ask the appraiser if they have appraised for estates before, how many appraisals they have done, and whether their appraisals have ever been challenged by the IRS. It is usually a good idea to spend a few extra dollars and use an experienced appraiser.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
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Answers by Expert:
- Rod Dorothy
- Helen P. O`Planick, EA
- Carole Dunton
- Randall Brody, EA, MBA
- Mike Wellman
- Richard Fritzler
- Vanessa D. Powell, CPA
- MEdusa
- Glenn D Schnabel
- IJ Zemelman, EA MBA
- John L. Tidwell
- John Stancil, CPA
- Neil Johnson (The Tax Dude®)
- Adam Shay
- Edward L Parsons CPA
- Bruce W. Tyler, EA
- Chea Romine, CPA
- ABRAHAM ITANI, CPA
- WILLIAM D MCCONNAUGHY, CPA
- Jay Allen Finn, CPA
- Mark Trazo, CPA Candidate
- Randall Klein, MBA, EA
Dan Lively, Esq., LLM (Tax), CPA
Expertise
I can answer questions regarding personal, corporate, partnership, estate and gift taxes. These questions can relate to problems, compliance, or planning. I am well versed in IRS audit and collection procedures and can respond to questions you may have in this area as well. I have a strong background in tax. I am a Tax Attorney, and Certified as a Taxation Specialist by the State Bar of California. I also have an LLM (Master of Laws in Taxation), and I am a Certified Public Accountant.
Experience
I am an attorney in the state of CA that is certified as a tax specialist by the State Bar of California Board of Legal Specialization. I am also a Certified Public Accountant, and have an LL.M in Taxation. Further, I am an adjunct professor of taxation at Whittier College of Law.
Organizations
Orange County Bar Association
American Bar Association
Orange Coast Estate Planning Counsel
American Association of Attorney/CPA's
California Bar Association
Publications
Apartment Journal
Taxing Advice
California CPA Journal
Education/Credentials
LL.M (Taxation) - Chapman University College of Law
JD (Law) - Western State University College of Law
BS (Accounting) - California State University, Northridge
Awards and Honors
• American Jurisprudence Award – Federal Taxation
• American Jurisprudence Award – Wills
• American Jurisprudence Award – Estate Taxation
• Cal Jur Award – Partnership Tax
• Cal Jur Award – Corporate Tax
• Cal Jur Award – Tax Procedure
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