Estate Appraisal Reports
There is no best time to have a person like myself to write an appraisal report for all of your personal property from your dearly departed.
I have been writing " Qualified Estate Appraisals " . I became a member of the Appraisers Association of America - since the mid 1990's and then shortly after that I needed to pass an exam that is dictated by Appraisal Institute in Washington D.C. along with higher expectations from the Internal Revenue Service , the IRS Adds "Qualified Appraiser" to Estate Tax Rules.
Per Notice 2006-96, the IRS defines “qualified appraisal” as a document that:
• Is made, signed and dated by a qualified appraiser (defined below) in accordance with generally accepted appraisal standards
• Meets the relevant requirements of Regulations section 1.170A-13(c)(3) and Notice 2006-96, 2006-46 I.R.B. 902 (available at www.irs.gov/irb/2006-46_IRB/ar13.html)
• Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property
• Does not involve a prohibited appraisal fee
• Includes certain information, such as a property description, terms of the sale agreement, appraiser identification information, date of valuation and valuation methods employed, among other requirements.
The IRS defined qualified appraiser as an individual who:
Has earned an appraisal designation from a recognized professional appraisal organization (such as the Appraisers Association of America ( A.A.A. ) etc. ) or has met certain minimum education and experience requirements -
( U.S.P.A.P. Exam - Uniform Standards for Professional Appraisal Practice )
Regularly prepares appraisals for which the individual is paid
Demonstrates verifiable education and experience in valuing the type of property being appraised