A Aguila stepped-up-basis appraisal should document the historical real-estate value cleanly and leave tax treatment to the taxpayer's advisers. Irrigation, wells, fencing, barns, shops, and functional open land can materially affect buyer demand. The historical value needs to stand on market evidence from the relevant date rather than on the property's later sale price.
The appraiser's role is to develop a supported fair market value for the applicable historical date. The taxpayer, CPA, attorney, or other adviser determines how that value is used for basis and tax reporting. For Aguila, the appraisal should consider remote buyer pool only when it changes the subject's competitive position.
For basis-support valuation, irrigation, wells, fencing, barns, shops, and functional open land can materially affect buyer demand. That feature should not be carried into the historical value unless evidence shows it existed and mattered on the valuation date.
The appraisal should support the real estate value on the applicable historical date. It does not calculate capital gains, determine the taxpayer's basis election, or replace advice from a CPA or attorney.
Historical listings, condition evidence, ownership records, permits, and later improvement documentation can help support the earlier fair market value. That evidence helps document the real estate value independently of whatever tax treatment is later applied.
A stepped-up-basis appraisal should document the property and market evidence clearly enough that the historical fair market value can be understood later, even if the property is sold or changed afterward.
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