To ensure that your coverage remains adequate, it is recommended that insurance values are updated regularly by a professional appraiser. Most insurance carriers will not cover antiques, fine art, and autographs, rare books, or collectibles without an appraisal.
This can be the complete contents of a large house to a few items passed on from generation to generation. It can include jewelry, fine art, antique furniture, collections of coins, stamps, maps, silver, artifacts, ceramics including 20th century figurines and collectibles (Hummels, Lladros, Royal Doulton, etc.), textiles, rugs, musical instruments, books, lighting, and any other category.
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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.
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.
Qualified IRS appraisals for non-cash charitable contributions to museums and other tax-exempt organizations. 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 along with the IRS with form 8283. For property appraised at or over $50,000.00 an 8 x 10 photograph is required to accompany the appraisal report.
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.
For complicated insurance claims a comprehensive appraisal report will be required which employs the broad evidence rule. This approach uses a tier of values or costs that bear on the value of the property to assist insurance companies to determine the dollar amount to be paid out to the insured.
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.
The value of personal property is often in dispute. Appraisers are hired to provide correct valuation for the settlements of those disputes, including divorce, claims, loss, negligence or fraud.
The first step of a legal action usually involves the appraisal, but other steps are often necessary including deposition, expert witness testimony and litigation support. We can offer suggestions pertaining to value in any aspect of the case. Often a case review will reveal the various strategies to prioritize assessment needs as well as identify the weakness and strengths in presentations.
Many corporations and private businesses have amassed assets held for enjoyment, investment, and historical significance. Whether it be paintings in the lobby, sculptures in the atrium, or private documents in archives, these items need careful documentation and protection.
Institutions providing loans collateralized by art require the most accurate valuations prepared by an unbiased expert.
Outlining selling strategies along with fair market values for artwork being considered for sale. This type of report is also ideal for prioritizing appraisal needs or interest for a formal appraisal.
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