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As an avid collector and wearer of vintage couture, I’ve personally experienced firsthand the magnetism of these timeless treasures—and as an appraiser, I’ve seen how important it is to accurately understand their value for estatetax, insurance coverage, and equitable distribution.
Estate Appraisal Estate appraisals are crucial for estatetax purposes. Accurate estate appraisals help with estate planning and tax obligations. You can read more about estatetax appraisals here. This value is used for tax deductions.
Value matters and an art appraisal completed by a qualified art appraiser can save you substantial money by not selling too low, insuring too low, or paying too much in estatetax or equitable distribution. The appraisal establishes the artwork's fair market value, which is crucial for claiming deductions on charitabledonations.
Estatetax liability. State and federal taxes are a complicated subject and you should always be guided by your accountant or tax advisor. But in determining the tax owed, an appraisal may be required in order to value all of the belongings of the estate. For example, in Pennsylvania, the tax is 4.5%
The IRS came to view the ADAA’s appraisals as reliable, and as a result, the art collectors’ ability to financially benefit from their donations was preserved. Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance.
However, in order to determine the fair market value of those assets and comply with your state’s inheritance and estatetax requirements, it is recommended that you obtain an appraisal from a qualified and accredited appraiser. Contact us today by calling 410.871.2017 The post Do You Need An Appraiser for Probate?
Understanding IRS Qualified Appraisals and Qualified Appraisers for Jewelry Valuation When dealing with tax-related matters such as charitabledonations, estatetax filings, and gift tax reporting , an accurate and IRS-compliant jewelry appraisal is essential.
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