What is an Appraisal?
An appraisal is an unbiased, supportable estimate of a defined value by a person knowledgeable about the property to be appraised and trained in research, analysis and methodology. Appraisers with Demo Appraisal Services are accredited with the International Society of Appraisers who comply with accepted professional standards and adhere to a strict code of ethics and hold current qualifications with the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated through The Appraisal Foundation.
When is a Personal Property Appraisal Needed?
There are many reasons that a personal property appraisal may be needed. Sometimes you may be curious about the value of your collection, other times a life event may create the need.
An appraisal may be needed for estate tax purposes depending on the regulatory requirements.
Appraisals may be required by insurance companies to verify the value of items to be insured.
When donating items to a not for profit and to obtain a tax deduction, an appraisal may be required. Depending on the current tax regulations, an appraisal report from a recognized personal property appraiser may need to be included with the tax return that is filed.
When a distribution of assets is made, there may be requirements for an appraisal to insure the distribution is in compliance with the requirements. Sometimes this is due to divorce or separation, and other times, to insure the distribution according to wills or other legal agreements.
Banks and other lenders may require appraisals of business assets, including inventory, fixtures, and equipment to allow the assets to be used as collateral for a loan.
The IRS has issued guidelines to the legal and tax community recommending that qualified appraisers be used particularly in cases involving estates and donations and Alexander Appraisals comply with all local & federal guidelines as well as adhering to the rulings of the Internal Revenue Service.
Fees and Expenses
Fees are hourly with a two hour minimum, for examination, photography, research, preparation and writing of the final report. Hourly fees are generally at a fixed rate but may vary for special consultations or for Court testimony. All expenses are additional to the hourly fees. Brokerage services are negotiable.
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