Hawaii IRS Form 706 Appraisers

Can AppraiseItNow handle IRS Form 706 appraisals in Hawaii?

Yes, AppraiseItNow provides IRS Form 706 appraisals for estates in Hawaii, covering a wide range of asset types for both residents and nonresidents with Hawaii-situs property. Our appraisers are experienced with federal estate tax requirements and the specific documentation standards Hawaii demands.

What kinds of assets can be appraised for an IRS Form 706 filing in Hawaii?

We appraise a broad range of estate assets for IRS Form 706 purposes, including vehicles, watercraft, jewelry, fine art, collectibles, business interests, machinery, and personal property. Our team can handle single-asset assignments or complex multi-asset estates.

Are your IRS Form 706 appraisals USPAP compliant?

All appraisals completed by AppraiseItNow follow the Uniform Standards of Professional Appraisal Practice, which is required for IRS estate tax submissions. USPAP compliance ensures your appraisal meets the quality and documentation standards the IRS expects.

Why would someone in Hawaii need an IRS Form 706 appraisal?

Hawaii estates that meet or exceed the federal exemption threshold require a qualified appraisal to support asset values reported on IRS Form 706. Hawaii also imposes its own state estate tax through Form M-6, which relies on the same valuations, making accurate appraisals especially important for estates in the state.

Can I get an IRS Form 706 appraisal done remotely if I'm in Hawaii?

Yes, AppraiseItNow offers remote and online appraisal services, which is particularly convenient for Hawaii clients managing estates across multiple islands or from the mainland. Many asset types can be appraised using submitted documentation, photographs, and records without requiring an in-person visit.

How is pricing determined for an IRS Form 706 appraisal in Hawaii?

Fees depend on the asset type and scope. Visit our pricing page for ranges or contact us.

How long does it take to complete an IRS Form 706 appraisal?

Turnaround times vary by asset type:

• Vehicles: 3 to 5 days
• Personal property and equipment: 7 to 10 days
• Artwork: 5 to 7 days for simple projects, 2 to 3 weeks for complex assignments
• Business valuations: 2 to 4 weeks
• Inventory: 2 to 4 weeks

Who prepares the appraisal report?

Our reports are prepared by credentialed appraisers with relevant expertise in the asset categories being valued. Each appraiser meets the IRS definition of a qualified appraiser, which is required for reports submitted with IRS Form 706.

Are there Hawaii-specific rules that affect how IRS Form 706 appraisals are prepared?

Hawaii requires estates with a taxable value of $5,250,000 or more to file Form M-6, the state estate tax return, and that calculation is based on IRS Form 706 figures under HRS section 236E-3. Supporting documentation attached to Form M-6 must include valuations or appraisals, federal schedules, and other estate documents. The filing deadline is nine months after the date of death, with a six-month extension available.

What information do I need to provide to get started?

To begin, it helps to have a list of the assets in the estate, any existing documentation such as purchase records, prior appraisals, or titles, and the date of the decedent's death, which establishes the valuation date. Our team will guide you through any additional requirements based on the specific assets involved.

Will an AppraiseItNow appraisal be accepted by the IRS for a Hawaii estate?

Yes, our appraisals are prepared to meet IRS requirements for qualified appraisals and qualified appraisers as defined under Treasury regulations. This ensures the report is suitable for submission with IRS Form 706 and for any related Hawaii state filings.

How does Hawaii's state estate tax interact with the federal IRS Form 706 filing?

Hawaii imposes its own estate tax that is calculated using the taxable estate figure from IRS Form 706, Part 2, line 3a. Estates at or above the $5,250,000 Hawaii threshold must file Form M-6 alongside or following the federal return, so the appraisal values used on IRS Form 706 directly affect the state tax liability as well.

What happens if new assets are discovered after the estate has already been inventoried?

Under Hawaii law, specifically HRS section 560:3-706, a supplementary inventory is required when new property is discovered or when original valuations are found to be incorrect. These updated valuations use the fair market value as of the decedent's date of death, and they may need to be reflected in an amended IRS Form 706 filing.

Do nonresidents with property in Hawaii need a separate appraisal for IRS Form 706 purposes?

Nonresidents who own Hawaii-situs assets, such as boats, business interests, or personal property located in the state, must include those assets in their IRS Form 706 filing with properly documented valuations. Local market knowledge and appropriate documentation of Hawaii-based assets are important to satisfy both federal and state requirements.

What documents should be gathered alongside the appraisal for a Hawaii estate tax filing?

When filing Hawaii Form M-6, the required attachments include the appraisal or valuation, federal schedules from IRS Form 706, Form 712 for life insurance, the death certificate, the will, any trust documents, and powers of appointment documents. Having these materials organized before filing helps avoid delays or requests for additional information from the Hawaii Department of Taxation.

Is the nine-month filing deadline firm for IRS Form 706 appraisals in Hawaii?

The standard deadline for both the federal IRS Form 706 and Hawaii Form M-6 is nine months from the date of death. A six-month extension is available, but it is important to have qualified appraisals completed well before the deadline to allow time for review and proper attachment to the return.