article thumbnail

Why Accurate Appraisals Matter in the New Year

Penrose Appraisals

The IRS requires appraisals done by a "qualified appraiser" for items worth $5,000 or more. Below that number, you can do the valuation yourself, but may have greater peace of mind if you hire an appraiser. Appraisals can help ensure adequate insurance coverage.

article thumbnail

4 Reasons to Get an Estate Appraisal – Ray from ValuePros

ValuePros Appraisal Services

Estate Tax Return or Probate Requirement In some cases, an appraisal is not just helpful, it’s required. Accurate, IRS-compliant valuations are necessary to support those filings. Some states and local courts also require personal property appraisals during probate proceedings.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Determining Fair Market Value Part I

International Society of Appraisers

While donors may be reluctant to share this information, it is required in Part I of Form 8283 and also appears in the IRS Preferred Appraisal Format for items valued over $50,000. Timing : Sales should be as close as possible to the valuation date. This method is used infrequently.

article thumbnail

Evaluation to Valuation: Navigating Fine Art Appraisals

Art Appraisal Resources

In this post we explore fine art valuation and appraisal, how an appraisal is conducted and the different types of art appraisals. How a Fine Art Appraisal is Conducted A fine art appraisal conducted by a certified appraiser starts with a thorough inspection of the artwork.

article thumbnail

Estate Tax Planning Strategies for Art Collections

Art Appraisal Resources

Valuation of Art Collections Determining accurate valuations for art pieces can be complex and subjective, therefore it requires expertise from a certified appraiser. This ensures integrity in their valuation process.

article thumbnail

The Validity of Using Older Sales in Residential Appraisal Reports: Setting the Record Straight

Concept Appraisals

Are older stales still relevant in residential appraisal reports? In this article, we’ll explore the nuances of using older sales in appraisals and debunk the common misconceptions surrounding their validity. In this case, the appraiser may use older comparable sales as long as they explain why they are being used.

article thumbnail

The Validity of Using Older Sales in Residential Appraisal Reports: Setting the Record Straight

Concept Appraisals

Are older stales still relevant in residential appraisal reports? In this article, we’ll explore the nuances of using older sales in appraisals and debunk the common misconceptions surrounding their validity. In this case, the appraiser may use older comparable sales as long as they explain why they are being used.