Retirement - Now what? Message Board

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Strategies & Market Trends : Retirement - Now what?

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From: Nazbuster	5/10/2005 9:31:32 PM
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BTW, I'm STILL fighting the IRS over the estate of my aunt who died 10/10/2002. They are disputing the value of her NYC apartment which was appraised at $800k (Nov 2002) and sold for $975k (June 2003). If they get their way, they'll assess it at the latter costing me about $100k in addl taxes and interest. I contend that the appraisal was done by an EXPERT and cost $1400 for the effort. At the time of my aunt's death, it was only 13 months after 9/11 and NYC was still suffering. In addition, it was WINTER with snow outside. In June, when we sold the place, it was springtime with trees in bloom in the park. In addition, it was 7 months later, an immense amount of time relative to 9/11 and much further down the road in terms of economic recovery of the city. If I am forced to take the $975k appraisal, I'll end up with a huge capital loss on the personal taxes that will take 40 years to absorb. My aunt was sooooo inconsiderate not to wait until January 2003 when she'd have an additional $1m exemption ! <g>

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