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Financial Planning / Tax Strategies


Subject:  Re: Deemed Sale of Personal Residence Date:  2/22/2001  12:02 AM
Author:  criser Number:  46961 of 127637

Here in PA our homes are assessed for tax purposes periodically also ( though, not yearly). Our homes most often are sold for more ( but, no one minds NOT paying the taxes on a higher #). FMV implied to me what I could actually sell my home for. I did refinance 2 years back and recall( at your suggestion:) ) paying for an appraisal at that point in time. I'll need to locate a copy. Thanks again.

If you were going to do this and needed to establish the value as of the date of the deemed sale, you'd need better than a 2-year old appraisal. If I were going to try this deemed sale + Sec. 121 exclusion trick (which I wouldn't, at this point), I'd get a date-of-deemed-sale appraisal from an appraiser with Appraisal Institute credentials (Member of the Appraisal Institute - MAI).
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