What is an IRS Qualified Appraiser?
If you’ve been researching appraisals for estate tax, charitable donation, gift tax, or another tax-related purpose, you’ve likely encountered the term “IRS qualified appraiser.” The IRS has specific requirements for who can prepare an appraisal for federal tax purposes, and you’ll want to be sure your appraiser meets these requirements. Why the IRS Has Its […]
What is USPAP and Why Does It Matter?
If you’ve ever hired an appraiser or started researching the process, you’ve probably come across the term USPAP. Here’s what it means, why it matters, and what to look for when hiring a qualified appraiser. Anyone Can Call Themselves a Personal Property Appraiser Unlike real estate appraisers, personal property appraisers are not licensed or regulated […]
What is an ISA Certified Appraiser of Personal Property?
When you see the designation ISA CAPP after an appraiser’s name, it identifies the highest level of credentialing offered by the International Society of Appraisers – Certified Appraiser of Personal Property. It is one of the most rigorous credentials available in the personal property appraisal field. Earning it requires passing multiple examinations, completing a minimum […]
Fair Market Value vs. Replacement Value
Why Does My Item Have Two Different Values? Fair Market Value vs. Replacement Value Explained If you’ve ever had an item appraised for both insurance and resale purposes, you may have been surprised to learn that the two values are often very different. This is not a mistake. It is not a sign that someone […]
Why You May Not Need to Hire an Appraiser
If you’ve recently inherited some personal property, cleared out a family home, or simply started wondering what a few things around the house might sell for, your first instinct might be to call an appraiser. That instinct makes sense, but depending on your situation, it may not be the right first step. In some cases, […]
A Step-by-Step Guide to Donating Personal Property
Donating personal property to a qualified organization can help protect the legacy of your treasured items. It can also be a tax-efficient move for a collector, estate, or organization. Non-cash charitable donation is a fairly straightforward process, but does require some planning. The IRS has specific requirements related to timing and documentation, and donors who […]
