Estate and Tax Planners

Why You Need a Qualified Appraiser/Appraisal for IRS Submission

Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal by a qualified appraiser and complete and attach IRS Form 8283, Section B to your tax return. The appraisal report needs to meet the relevant IRS requirements, it must relate to an appraisal made no earlier than 60 days before the contribution date, it may not involve a prohibited appraisal fee; and specific required information must be included on the report.

A Qualified Appraiser:

  • Regularly prepares appraisals for which he or she is paid;
  • Demonstrates verifiable education and experience in valuing the type of property being appraised; and
  • Has not been prohibited from practicing before the IRS under section 330(c) of title 31 of the United States Code, and is not an excluded individual.

 

Why You Need an ASA-Designated Appraiser

All ASA-designated appraisers meet the IRS definition of a "Qualified Appraiser". ASA-designated appraisers have completed rigorous education requirements, must adhere to high ethical and moral standards, and have extensive and specialized appraisal experience to meet your needs. You can be assured that all designated members of ASA:

  • Have achieved qualifications superior to non-designated appraisers;
  • Have passed rigorous testing, education, and experience qualification standards;
  • Maintain higher standards of ethics and educational requirements and are subject to disciplinary actions for lack of adherence to these standards;
  • Prepare appraisal reports that meet or exceed the standards of peer review, the standards outlined in the Uniform Standards of Professional Appraisal Practice (USPAP), and ASA's Principles of Appraisal Practice and Code of Ethics; and
  • Maintain their designation by demonstrating a commitment to continuing education and professional appraisal activities every five (5) years.