The IRS requirements for an appraisal for a donation depend on the value of the donated property and the type of property. Here’s a breakdown: Generally: No appraisal needed for < $250: Contributions less than $250 don’t require a formal appraisal, but you should keep a receipt or other documentation showing the value and date of the…
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Finding a qualified personal property appraiser can be straightforward with the right resources. Here’s a guide to help you navigate the process: 1. Determine the type of personal property: Different appraisers specialize in different types of personal property, such as art, jewelry, antiques, collectibles, furniture, musical instruments, etc. Knowing the specific category of your items…
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A USPAP appraisal refers to an appraisal that adheres to the Uniform Standards of Professional Appraisal Practice (USPAP). These standards are the generally recognized ethical and performance standards for the appraisal profession in the United States. They apply to all types of appraisal services, including: Real estate: This includes appraisals of residential, commercial, and industrial…
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