Appraisal Services
Charitable Donations
When donating personal property to a qualifying institution, the IRS requires a certified appraisal by a qualified appraiser. Any charitable contribution with a fair market value exceeding $5,000 must include a qualified appraisal attached to your tax return, along with IRS Form 8283. ​​For charitable contributions of $20,000 or more, the IRS requires that a complete copy of the qualified appraisal accompany the taxpayer's return, along with IRS Form 8283.
Damage and Casualty Loss
When personal property is damaged, destroyed, or stolen, an accurate appraisal is essential to support a fair and equitable insurance settlement. Insurance appraisals provide documented replacement values for personal property impacted by loss or damage as a resulting from theft, fire, flood, smoke or other casualty and natural disaster events. A well-documented appraisal report is often the difference between a settled claim and a disputed one.
Equitable Distributions and Divorce
Dividing personal property fairly requires an independent, objective appraisal from a credentialed professional. Comprehensive inventory and valuation services are provided for divorce proceedings, business dissolution, and estate distribution among heirs, ensuring all parties have an accurate, defensible assessment they can rely on. All engagements are handled with complete confidentiality and discretion.
Estate Appraisals
When the total value of an estate exceeds federal or state thresholds, a certified appraisal is required by the IRS and many state taxing authorities. All personal property must be inventoried and valued as of the date of death, or an alternate valuation date when applicable. Estate appraisal services may include selective or comprehensive inventories of residential contents, prepared to support IRS 706 estate tax filings and applicable state reporting requirements.
Gift Tax Appraisals
When personal property with a fair market value exceeding the annual IRS gift tax exclusion is transferred between individuals, a qualified appraisal may be required to substantiate the value for IRS gift tax reporting purposes, including the preparation of IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This is particularly relevant for fine art, antiques and other high-value personal property that is gifted to family members or transferred as part of an estate-planning strategy. A properly prepared gift tax appraisal helps ensure the transfer is accurately documented, compliant with IRS requirements.
Insurance Appraisals
Insurance appraisals assist insurance brokers and clients in securing appropriate coverage for valuable personal property, helping to provide the proper level of coverage is maintained for items of significance. A current, professionally prepared appraisal is one of the best protections against inadequate coverage and valuation disputes.
Insurance Appraisal Updates
Over time, market conditions shift and the value of personal property can change significantly. An insurance appraisal update brings an existing report current, reflecting the most recent market data and ensuring your documentation remains accurate and relevant. This is particularly important for insurance purposes, where outdated values can leave you underinsured, and for estate planning, where current valuations are essential to an accurate picture of your assets. Rather than starting from scratch, an appraisal update is often a more efficient and cost-effective solution when a prior report already exists.