Estate/Donation Appraisals

Estate-Planning

Sometimes it is necessary to value an estate for tax reasons. When this is the case, the executor should consider using a certified appraiser for this purpose. A knowledgeable appraiser will seek to efficiently catalogue all items providing an appraisal that meets IRS requirements but without the level of detail normally provided for an insurance appraisal. Donation Appraisals are generally required by the IRS for an item or a group of similar items of donated property which total more than $5,000. You must get a qualified appraisal by a qualified appraiser and attach Section B of 4823 to your tax return. For more information on Donations you can refer to tax publication 561 or talk to your tax advisor. Insurance companies, tax authorities, attorneys and the courts prefer the values and analysis of a Certified Appraiser given the level of education, testing and experience they are required to have. Our appraisal reports fully meet all USPAP (Uniform Standards of Professional Appraisal Practice) standards as well as all federal and state documentary requirements.

 

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