Most accountants agree that the best form for the IRS, if you have an occupancy of the house, is a full appraisal. A drive-by (exterior only) form is acceptable if you don’t have occupancy.
The purpose of the IRS appraisal is to value the home as of a specific date- which may be current or retrospective. The effective date is the date the value is based on. Appraisals Hub works with the accountants to support the appraisal value to give this information to the IRS.
Physical attributes: The IRS appraisal considers the home’s physical attributes as of the effective date of the assignment.
Contributory value: The IRS appraisal reports various amenities and their contributory value for the specific submarket
Level of fieldwork: full inspection or exterior only, comps are not inspected nor photographed from the street.