The Internal Revenue Service requires that a donor obtain a qualified, outside appraisal for any donation worth more than $5,000. IRS publication 561 describes the charitable donation process, including a lengthy description of "Fair Market Value." Strict IRS procedures make it essential that donors seek assistance from a knowledgeable, qualified appraiser for tax purposes.
Insurance policies provide payment for loss of personal property through fire or theft. A professional appraisal prior to the loss is essential for protecting the value of your property. In the event of a loss, proof of ownership as well as a claimed value must be provided by the owner to the company. Most insurance companies require updated appraisals every 3 to 5 years.
EQUITABLE DISTRIBUTION - In an effort to insure an equitable distribution of monetary assets, the courts often make their awards decisions based on the determined value of all marital property In such instances, objective appraisal services are necessary to assign values and determine an equitable division of assets.
ESTATE VALUATIONS - State tax regulations require upon death that property in the estate be inventoried and appraised to establish a basis for determining estate taxes. This appraisal also becomes useful when the estate must be divided equally among heirs or when donations from the estate to charitable organizations are made. If a federal estate tax return must be filed, federal regulations require appraisals to meet strict criteria and be performed by a qualified appraiser.
(“The Wartburg Castle”, Faience Plaque by Mettlach Pottery.)