Government and the IRS

Many appraisal needs are for governmental functions. This can include estate tax, charitable contribution, Federal casualty loss, or gift tax. The IRS has very specific guidelines on what they need and who can do the appraisal. We are qualified and meet the specifications of the IRS.

IRS

ESTATES

Estate appraisals are needed when one is filing an estate. Personal property that is valued at more than $3,000 or $10,000 for a group of similar items must be appraised by a qualified appraiser. This includes the ancestral painting over the fireplace, the jewelry in the safe deposit box, or the tractor in the garage. These appraisals are done for determining fair market value and must conform to IRS 66-49. Not sure whether the property is worth enough? An appraisal can be used to confirm that property is NOT worth as much as everyone might think. It may save you aggravation and taxes. It could also save you from a devastating audit.

DONATIONS

Property for which a donation is claimed over $5000 must be appraised by a qualified appraiser. The appraiser must submit a self-contained fair market value appraisal that conforms to the IRS regulations. If the items claimed are worth more than $20,000 the appraisal must actually be sent to the IRS with form 8283. If used clothing or household goods have been donated to a charity, and the amount claimed is over $500, and the items are in poor condition, an appraisal must be done as well. The appraiser must complete the appropriate sections of form 8283 and return to the taxpayer to be sent to the IRS.

CASUALTY LOSS

Natural disasters like hurricanes, floods, tornados, fires or man- made disasters like robbery or theft, often are not insured under your normal homeowner’s policy. If not, you may be able to deduct your loss from your income tax. In order to do this, you must obtain a qualified appraisal. This appraisal must be in correct format and with the proper documentation. That’s why you need to call someone who knows what you’re up against.

GIFT TAX

Personal property can be gifted to individuals without tax under $13,000. Above that, taxes must be paid. In order to substantiate the value of the property, a qualified appraisal must be done. That’s another reason to call us.

GOVERNMENTAL AGENCIES

NAC has served as appraisers for Homeland Security, the US Marshall’s Service, the US District Attorney’s office, US Customs, the Court System, and other official agencies. We are familiar with the types of valuation needed, the format of the appraisal reports, and the additional forms that must be completed in handling these assignments. We are able to provide bids based on specific proposals and complete in a timely manner. Please call us for any solicitation offers.