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Frequently Asked Questions (FAQs)
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What is personal property?
Personal property is tangible, movable property that is utilitarian, collectible, decorative, or a combination of the three. These can be items such as antiques, paintings, ceramics, furniture, sculptures, photographs, books, toys, glass, silver objects, records, sofas, decorations, and much more.
What is an appraisal?
An appraisal is an opinion of value. The appraisal report can be delivered verbally or in a written document. A professionally prepared appraisal addresses a specific valuation assignment in which a meticulously researched and well supported opinion of value is developed by an independent, impartial and objective appraiser. There are professional requirements as to the development of the appraisal and the manner in which it is communicated in order to be credible and not misleading.
What is a personal property appraiser?
A professional who develops and reports an opinion of the value of personal property, including antiques, collectibles, decorative art, fine art, automobiles, wine, and gems and jewelry, based on their quality, rarity, authenticity, provenance and desirability, among other components of value.
There is no licensing or certifying organization for personal property appraisers, but professional appraisal organizations, such as the American Society of Appraisers (ASA), have stringent accreditation and credentialing requirements.
When do I need a personal property appraisal?
Appraisals are necessary if you are:
- Calculating your tax liabilities or deductions (estate tax, gift tax, noncash charitable contributions);
- Establishing the cost basis of inherited objects;
- Undergoing divorce settlement proceedings;
- Selling and/or distributing personal property (estate, trust, bankruptcy);
- Planning your estate, preparing your will or a trust to preserve value for future generations;
- Insuring your items, filing a damage or loss claim or otherwise involved in litigation;
- Using an item or group of items as collateral for a loan or to raise cash; and
- Researching whether an asking or selling price is reasonable.
What are the Uniform Standards of Professional Appraisal Practice (USPAP)?
USPAP are the generally accepted minimum standards for professional appraisal practice in the United States, including personal property, as established by The Appraisal Foundation.
Compliance with USPAP is required by professional appraisal associations, client groups and by federal, state and local agencies.
What is typically included in your personal property appraisal reports?
Our personal property appraisal reports include the following sections, although additional information may be included based on the assignment:
- Name, address and contact details of client, other intended users and the appraiser;
- Effective date (valuation), inspection date and report date;
- Letter of transmittal that includes the scope of work and intended use (purpose) of the appraisal report (estate planning, insurance, donation, etc.);
- Definitions relevant to the scope of the work, such as the methodology applied;
- A section providing information and data on the property and the market;
- Object descriptions and photographs, identifying information and value for each object or group of objects;
- Assumptions and limiting conditions;
- Glossary;
- Sources of information that support the opinion of value;
- Appraiser’s USPAP Certification stating that the appraiser is not biased and does not have or will have an interest in the property;
- Private policy notice; and
- Appraiser’s qualifications.
How much does an appraisal cost?
Each appraisal assignment is different. The cost of your appraisal will depend on how many items are included, how much time is spent during the inspection, any necessary consultations with experts, and the time needed to gather the necessary market data to reach a credible value conclusion. We work as efficiently as possible in order to keep your costs down while also ensuring a high standard of care.
How do I prepare for an inspection?
We typically travel to where the objects and collections are located in order to conduct an inspection of the items. We look at and identify the property, count, measure, photograph, and in the case of some silver, weigh the objects. Preparing in advance makes our inspection work go faster, which means you pay less for this initial phase. You can help us work efficiently during the inspection by observing the following:
- Determine in advance which items need to be appraised.
- Have the items in a well-lit area. If there is not sufficient light please mention this in advance so we can bring our own lighting. Poor lighting slows down the inspection process.
- Identify items in cabinets, drawers and boxes that need to be included.
- If you have sets of items such as dinnerware, stemware, or silver objects, please group the sets together.
- Provide copies of any available documents regarding your objects, such as receipts or old appraisals, at the time of inspection.
After the inspection is over, we will take all the information gathered and conduct our market research and analysis. Finally, we will write and prepare our report for delivery.
Appraiser and Appraisal Essentials
Tax Related Resources
What You Need To Know
The following links are provided for informational purposes. Please consult your tax preparer or legal counsel for your specific requirements. Providing this information is not to be construed as legal or financial advice.
The IRS Art Appraisal Services team provides advice and assistance to the IRS and taxpayers on valuation of personal property.
Are you making a noncash charitable contribution to a qualified organization? The IRS provides the following informative publications.
Publication 526 Charitable Contributions, explains how to claim a deduction for your noncash donation.
Publication 561 Determining the Value of Donated Property, helps you understand the valuation of donated property and how to document the donation.
Form 8283 Non-Cash Charitable Contributions must be completed and included with your tax return when the contribution is more than $500.
Instructions for Form 8283 provides information and instructions for completing Form 8283.
Are you purchasing from or donating items to a charity auction? This link contains important information.
Requirements for
Estate Tax Appraisals
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